OP- you sound like a terrific person and any parent would be proud to have raised such a talented and thoughtful kid.
A quick note on the finances-- we saved and planned for our kid’s educations from the day we got married. We were somewhat transparent with our kids when they were growing up about how we prioritized savings, taking care of elderly relatives who had no other means of support, charitable giving, etc. without actually assigning amounts to any of these buckets.
So kid number 1 came home from the first meeting with the guidance counselor with a list of “you could go here for free” colleges and we had to tell the kid that we had always planned on paying full freight, and that we should be identifying schools that met other needs, not just financial. Kid had lots of friends who “lived large” who were crossing their fingers on the need aid/merit aid/any kind of aid situation, and I’m sure it felt weird to be the kid with no financial constraints (while the parents drove the crummy cars and took the budget vacations which seemed to signal “we are broke” although it was just the way we lived).
I don’t know your parents financial details, obviously- but if they tell you they can afford something, I think you should take them at their word. And then bust your tail wherever you land up at college taking advantage of every single opportunity that comes your way. Help a professor fact-check a research grant? Yes, thank you! Apply for a competitive fellowship that will send you overseas for a summer to study with an international group of scholars? Wow, thanks for nominating me! Etc.
You can show your parents that their faith in you is justified by making the most of your education, by growing as an intellectual, and by continuing to play your sport with gusto. We had saved for a long time to finance college for our kids and nothing we have ever spent money on has brought us more joy.
You can get a solid education at your current choice-- no question. But if your hesitation is that the second choice is too expensive- and your parents have told you “we’ve got this, don’t worry about it” I’d take finances off the table.
The common denominator for your education is YOU. If the plan is to play beer pong in your free time, then it won’t matter what the college’s ranking is. If the plan is to skip your Friday morning labs because you are too hungover from your Thursday night pre-gaming, then it won’t matter.
But if you are prepared to take advantage of every opportunity-- in the lecture hall, in a professor’s office at office hours, in a breakout session with a TA, in the concert hall listening to a friend premier his concerto written with AI and performed with medieval instruments, in the lab doing cool stuff with god knows what— then think about where those opportunities will be the most robust.
Good luck!