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Like right before classes start you have to "apply" to PIL. Then, the first 2 weeks of classes you can try out PIL and if you don't think it's for you, you can switch to IFM.
This is correct. A lot of people "try out" PIL at the start of the year, and some of them (the number changes each year) decide it's not for them and switch to IFM. In my class (2012), I'd say about 60-70 students started out in PIL, and now there are 40. The current first years (2013) have a much larger PIL class, at 68.
It's all variable, but you definitely have time to try it out and make an informed decision about which path to pursue.