Hello lolapola,
I also received the offer into VCU MFA Sculpture + Extended Media program and a similar funding from them. Even though there is no guarantee for funding for the second year,the interim director told me that it was more than likely we will receive a similar funding package. They are legally protecting themselves since the funding for their program may not be consistent as programs like UTK's MFA .
There are a some competitive MFA fellowships/awards that you can be nominated for or apply to. I have a running list of fellowships and awards for graduates and post-graduates/emerging artist who work in Sculptures/Installation/New Media.
I am visiting VCU this week or next and I don't mind taking pictures of the facilities and sending them to you. Even though it won't be the same as visiting yourself, at least you have some ideas of the equipments and facilities at VCU. I assume you will want to see the printmaking studios, fiber studio, and sculpture equipment. Just inbox me if you would want like to have photos of such.
Also, VCU is located in Richmond. Even though Richmond doesn't have a big art scene,VCU connects the students to NY via visiting artists/critics. Also, Richmond is an hour and half via car from Washington DC. I think they have something NY but I am not sure of the details yet. Making connection is crucial in any career. VCU offers more of a chance to connect to well-established individuals than Tennessee. (I lived in TN most of my life and I can assure you there is not much there in regards to the art world) . UTK has a beautiful campus though.
I also received a full tuition waiver from another school with a huge stipend. However, I will not pass up VCU offer. They are the best in our area and our body of work will develop much more quickly. As you say, VCU will allow your work to develop in ways you may not imagine. They have a great fiber Department. But yeah...VCU is where it is at. Haha.