Is Going to Harvard a Stupid Idea?

Here's the situation, I got into Harvard Divinity School MTS program with a 50% scholarship, I got into Vanderbilt Divinity School MTS with a 70% scholarship. Both are virtually equal in terms of reputation in the Biblical Studies field. I have to decide which one to go to in less than a week.

My background:
I have about 40k in debt right now from undergrad
I make virtually no money
I want to teach at a Christian university after getting a PhD...or if I become disenchanted with academia, I'd probably come back here to the Middle East to work with some kind of NGO again.

I want to go to Harvard more because:
I'll be in the Jewish studies concentration under Jon Levenson, a guy I'd really like to work with, wheras I don't really know anyone from Vandy
It's pluralistic environment is more conducive to the line of work I may go into if I don't go on to a PhD
It's Harvard, and if I decide not to do a PhD in Biblical Studies, the name alone will open doors for me elsewhere
Boston seems like a nicer place to live than Nashville
I could constantly brag about going to Harvard

I'd rather go to Vanderbilt because:
It seems like the program is specifically geared toward getting you into a PhD which, right now anyway, is my goal
It would be far cheaper, like $22,000 debt for the degree versus like $50,000 (which even with loans I haven't come up with yet)
I could get a condo for the price of a room in Boston
It's Christian only (pretty much) environment is more conducive to edifying my personal faith

Here is another variable, this new Public Service Loan Forgiveness Program thing. My debt will be canceled after 10 years of being a professor (even adjunct), or working with an NGO, and I already have a year down. Am I missing something or is this, combined with income based repayment, an easy out, and essentially make the amount of loans I take out completely inconsequential? It sounds too good to be true, which makes me hesitant to rely on it, but I don't see why it wouldn't work.

Thoughts? Comments? Suggestions?