I would suggest you take the classes at a Community College before you begin think of taking on academics at a full time 4 year institution. Since I don't believe there is a "pass/fail" score on the SAT, can I assume you mean that you did not meet the required SAT score for the 4 year university you want to attend?
I would focus on taking classes at the community college level, which is neither a waste of time or money, since those credits can transfer to a 4 year school, unless they are remedial classes. If the classes are remedial classes, they still are not a waste of time, since they will prepare you for the academic rigors of a full time class load. There would have to be a reason for you to need to take them in the first place, so maybe some refresher courses would help.
Retake the SAT and try to raise your score, then you may not be required to take remedial classes, unless your high school grades are not up to univeristy standards.
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