Congrats on the acceptance!!!
I can't speak on the mfa program specifically, but as a student in Texas, Tech is known for their technical writing program (very different from an mfa of course) its more of an agriculture school than a "technical" institution. If I were in your shoes, the fact that it has another well known writing program would encourage me. The tuition rebate sounds really good, and yes Lubbock is very cheap. Their grad schools in general are well regarded.
The only other thing I would suggest you consider is the town itself. My dad went to law school at Tech and he says its was tolerable because he needed to be spending his time studying anyway. There isn't much to do there. Lubbock, unless you are a southwestern writer, may not spark much inspiration. The offer sounds really good, and is worth considering. Getting in on the ground floor may be worth it in the long run. I wouldn't worry about the "newness" of the program, I would consider if the town is a good fit for you. Congrats again!
