Maintain FL 350, I received a 2/3 tuition scholarship from University of Miami with the condition that I remain in the top half of my class. I tried to get more money or, at the very least, removal of the condition based on my other offers (which were the same amount of aid with no conditions from top 20 schools), however, they basically (and, sadly, somewhat smugly) said no. I in turn withdrew my application. I already have plenty of ties, education, and a few years of work experience in Miami, so I am not overly worried of trying to "break into the region/market."
Yes, that is somewhat surprising. I would've thought a 75-100% scholarship with easy stips ("good standing") was in order.
Look, Michigan has a huge reputation. There are very few schools that can truly claim national reputations, and Michigan is one of them. A good friend of mine went there and it definitely helped him land a Biglaw job in California. However, he once told me that he wished he had accepted a full scholarship from another school instead because his current job does NOT require an elite pedigree, and if switches jobs again his prospects will be based on his experience rather than his degree. So again, it really just depends on what you want to do.
If you already have solid connections in the Miami area, I have to think that a degree from Vanderbilt + connections is worth basically as much as a degree from Michigan + connections. At that point, the connections are the crucial factor and the degree is icing on the cake.
75k is lot of scratch and for me, personally, that would be the deciding factor. But you need to do what's right for you, and maybe the mythical siren's song of Ann Arbor is just too powerful!