Wonderful.
Congrats on your class. Do your quilt within a couple of weeks after taking the class. You will remember more of what your instructor said and feel more confident.
You can do a large quilt on a small machine but it sure is easier on your body to use a long arm. When I first got mine, it took me one quarter of the time to do a project. I had two of the same size that I did.
I hope you love it, it took me quite a number of years after renting the longarm to buy my own, six years. I wish I had done it immediately.
Do you know how to freemotion on your small machine. It is the same patterns on the longarm. Practicing them on paper will get them into your mind so all you have to do is concentrate on the machine. Better to work out the design on paper than on the quilt top.
The hardest part for most students is to remember to breathe. The more relaxed you are the smoother your lines will be.
I am so excited for you