I am in the same boat. I have been offered full tuition + stipend for one program -- the MFA at the University of Chicago -- that I am less impressed with, and I am interviewing this weekend for another program -- Bard's MFA program -- that I fear has less to offer in the way of funding, but much more to offer as a challenging program with a good reputation. I would really like to bring up my offer from the U of C while at this interview, but I don't know if it will get me anywhere...
I fear that these schools are just not comparable when it comes to funding. What if U of Chicago's offer is a sign that their program is not as reputable, but seeking to improve its reputation by pumping money into it (As rumored)? This could be the start of a wonderful program and I could be getting a sweet deal because it is still early. While other schools, perhaps Bard's MFA included, have a wealth of great applicants and prestige for their program. As a result, they don't need to offer great scholarships. (I will point out that I am grateful for any offer, just wanting to make the most of all my options).
I will report back after this weekend, but if anyone has advice before I go, I would definitely take it.