I am in the process of making a similar decision regarding Vanderbilt's MPP (with a focus in Ed Policy) or Georgetown's MPP. I attended Vandy undergrad (and really felt like I received an excellent education) for Special Education and have taught for the past 2 years. I am now interested in taking on some of the structural issues that have made teaching so frustrating. Anyway, I also have some interests in other social policy areas (juvenile justice, welfare reform, etc.), so I decided against a M.Ed. in Education Policy. In some ways, Vandy offers the best of both--an MPP, but with a focus on education. Georgetown, however, is known for their quant focus and good preparation in methodology. Also, I think, a more highly respected school for public policy (esp. considering Vandy is just starting out in this area). Vanderbilt is offering me a significant scholarship (close to, if not, full tuition) and Gtown has offered me 15K a year (although I could live with my parents to save money if I went there). That's my situation, in a nutshell. Please weigh in if you have suggestions! I am having a very hard time deciding what would be best for me.
I, too, am wondering how broad/specific to go. In your case, it sounds like you are pretty confident in what you want to study (and pursue a career in), so I think going specific is not a bad thing. However, I also think, based on your $$ situation (and the fact that you plan to go on to get a PhD), the MPP may be a better foundation. I don't know though...just some thoughts...