Well there went 10 hours down the toilet.

WARNING: If you ever want to see the inside of the Arcane University, stay the hell out of wells behind Mage Guilds!
Know what I mean? That quest where you are told to retrive the Ring of Burden from within the well, and you get a water-breathing spell to help you out? Well, if you go down into the well, a body spawns which has the ring. You're supposed to grab it and go.
But, you know how bodies dissapear after three days? So does this one. I went into the well, then once I realized it was FULL of water and I was proceeding to drown, I got the heck out. Figured I'd come back once I was able to use Apprentice level Alteration spells...
So, long story short, the body is gone and won't spawn again, hence no ring, hence can't complete quest, hence no recommendation for admission to the University.
LUCKILY I was only 10 hours in. I've read that purposely getting kicked out of the guild and then making ammends to rejoin *might* provide a workaround, but I am neither sure if that's true was able to get all that crap at my level just to get back in the guild to try..
So, can anybody confirm the workaround? I just started over and finished that quest first goddamn thing.