Why isn’t student life as great? Are you basing that on overall rank? I don’t see why your student life wouldn’t be as great.
So let’s see - UW is cheaper. UW - you can study what you want.
Michigan is great but when you go get a job, few employers will treat Michigan differently than Oregon differently than Nebraska. Yes, it’s elite - but most won’t realize.
Econ is a great major and if you can double it with math (or a minor), it’s phenomenal and great for consulting. UW is a fine school - many students there can get into Michigan.
As for an MBA, your major doesn’t matter. What does matter is you get two years work experience. That you went to Washington or Michigan will matter less than your GPA, GMAT and quality of work experience.
Why do you assume you’d have to work harder at UMIch than UW? Again, are you making a generic statement based on rank?
I know a Wharton MBA - and their rigor was less than mine at ASU. They were looking for jobs from day one.
I think you are unfairly diminishing UW. Rank wise - UM is better. But UW is a great school and you can study what you want. But what you can study at Michigan is also incredible.
This is a win win - you are wanting the “higher rank” but realize the lower rank meets your needs.
If you choose UW (and I would), go in with the right attitude - it’s not lesser - and you’ll be surprised to find many a classmate that is bright, articulate, and flat out brilliant.