My son was accepted to both IU/Kelley and the Smith School at UMD. He was offered a scholarship at IU which made it relatively comparable (we live in MD), and he would have no loans in either case. He was also offered a huge amount of money at another strong business school. He chose UMD, because he felt like UMD had more very strong programs, and he wasn’t 100% sure he would stay a business major. That said, IU is a great school, and I would have completely supported his decision if he chose it.
You should apply to both, go visit, sit in on classes, and get a better feel for both before May 1st.
Good luck to you.