There are different issues here:
1° OP didn’t get merit money from UChicago because UChicago offers need-based aid (to families who make up to 220k) so OP’s likely from a family in the top 2% income bracket. That doesn’t mean his/her family can afford UChicago. So, OP, where would the money come from? What are your parents saying?
2° OP’s scholarship depends on his/her being in the HOnors College, which s/he may not be interested in. HOWEVER: not sure why since the program isn’t very comprehensive - UWashington warns counselors in the state that their goal is NOT to replicate an elite LAC experience. Students WILL be enrolled in 3/5 large classes with “regular” students. The other classes are interdisciplinary and different from anything taken in AP and forge bonds between the Honors students. But if OP’s not interested in the Honors Program, then there’s no reason to attend UW without a scholarship (but, I repeat why lose the opportunities, perks, and scholarship?)
3° If graduate school = PHD, then any PHD program worth attending will be funded. There won’t be a difference whether you were enrolled in UW Honors or UChic, the biggest difference will be in experince (the core, the type of students who gravitate toward UChic). However if the ‘grad school’ is med school, then UW’s a no brainer since minimizing debt is best when one has good odds of making it to med schools (as a high stats student presumably would). If UChic would be paid without debt above the Stafford loans, then choose wherever you want to go.