I’m not usually against taking on a bit of debt for better fit, but 130k is way too much of a difference in cost, and it is actually going to be more than that. Cost of attendance goes up. In both of my kids’ cases, almost 4% year. A full ride scholarship will be insulated against that; a flat-rate merit scholarship probably will not be. Need-based aid is recalculated annually and is a variable, although likely to adjust a bit for COA. Also, don’t forget about interest rates. One of you do a simple spreadsheet and do the math projections on that, it’s pretty easy to project what it could actually cost.
Also, if you save the money you were going to spend on Vanderbilt, you’ll be able to help him later if you want. It’s pretty rare that people regret not spending money.