Is Choosing University of Michigan over Carnegie Mellon a reasonable decision?

OP should talk to the counselor at HS first, but this thread is a few weeks old already and may be too late. For my D’s HS policy, they would only process in state public school application or document submission if one declined an ED offer due to financial reason. The high school counselor do not want a bad reputation for future graduates applying ED at that school. If that is the case, OP actually did not have a choice between these 2 schools. ED is not for anyone, particularly for those who want to compare cost. One should check the cost before applying ED.