Small update!
I previously thought I didn’t get a Jacobs Scholarship, but turns out I did 
The estimated total cost for IU is a now around 8k for my first year (which is amazing). I think I’m definitely leaning over to IU now because of this cost and because both programs are pretty similar, but I’ll still wait for things to be finalized.
Thanks for all the helpful advice everyone!
I think we often take for granted the opportunities that exist in our own backyards.
I’m not from the Midwest but back in the days when I was considering a music career, I’d have been over the moon to get into IU. Jacobs is a pretty big deal. While some conservatories are especially strong in certain areas (e.g. one might be especially known for their trombone studio while another specializes in jazz), I think Jacobs belongs to the 5-10 US schools that are considered strong across the board, and it’s been in that group for decades. (My high school violin teacher immigrated from China in the 1970s to study with teachers at Jacobs, for example.) IU may be an easier admit than Michigan or Case for a general studies student – but if you’ve been admitted to conservatory at IU, it means you’re good, and you’ll have a degree that any music professional would respect. Given how tough a career in music is (and how even the most successful professional musicians tend to be making less money than their talent would indicate), many folks will advise aspiring musicians to avoid taking out unnecessary debt to afford conservatory. Sometimes this means weighing paying the sticker price at Juilliard or CIM vs. getting a discount on a school with less global brand recognition. What’s awesome in your case is that the cheapest school on your list is also arguably the most renowned (or at least equal to all the others). Huzzah!
(ditto everything above for pre-med.)