@compmom - You said she has shot at “Ivies and other top schools with incredible financial aid.” Remember that the Ivies do not do merit based aid, and we do not know financial situation of OP.
We are taking a crapshoot with Carnegie Mellon because they are need-based aid as well, unless they have to add a small merit scholarship to make them competitive with offers from other “comparable schools.” I challenged them on that because applying to any reputable music school is just as competitive whether it be part of a private university or a state university. We believe my D’s aid package will remain comparable for all four years, but who knows. She turned down a total free ride to the University of Kentucky, which has a very reputable voice program, because she felt the conservatory approach was better for her, and it was in the context of a larger university. In addition, it is costing us just as much out of pocket to send her there for a BFA than to send her to the state university 6 miles down the road for a BM.
As a non-musically inclined parent, I had to learn the differences in the schools. What I learned and believed was that a stand alone conservatory may not be the best fit because, honestly, what do you do if you hate the program. There are no other academic programs to transfer into.
A BA is probably not the best approach because it is not a performance degree. For example, Florida State has a BA and a BM in voice, and has a large graduate program. Therefore BA students will get grad students for studio teachers and NOT get performance opportunities. And you need these to qualify for and be competitive for graduate programs.
In the end, the student (and not the parent(s), need to decide what is the best for for them, If they have true talent and drive, where they do their undergrad does not matter. It is where they do their grad work that matters, And we have been told this consistently by schools at all levels.