Having been accepted to both of these schools, I'm having trouble deciding which one to go for. Ross has offered an attractive scholarship that would make it financially a dream, but Columbia stands as a very highly regarded school where it'd also be a dream to study. Considering how expensive Columbia would be, would it be a sane decision to go for Ross and embrace the scholarship? How big of an impact would this potentially have for someone? Opportunity cost, etc.

Do you have any goals? If you want to work in consulting, CPG, energy, healthcare, manufacturing or retail then Ross is a no-brainer. If you want to work in finance, law or real estate, then it's Columbia.