I’ve known students at all three schools. I expect your S can get to know profs at all these schools. I’m just one person, but my perceptions:
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IU Kelley is competitive, and male centric. Some bro culture. Competitive for many of the business/consulting/banking clubs. Beautiful campus. Greek life prevalent. Big10 sports. Students from many socioeconomic levels. Good job outcomes…many in Chicago, but east coast as well.
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Tulane. Overall seems less competitive for grades and clubs. Some Greek life. Less school spirit relative to IU. Tulane has around 70% of students who have no financial need. Good job outcomes, maybe a bit lower than IU and SMU, but probably picking nits. Not sure on path to east coast but I’m sure it’s possible. Path to Nashville, Dallas, even Chicago. Fairly significant Jewish population.
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SMU. Greek Life centric. Lots of wealth. Nearly 70% of students have no financial need…meaning most are full pay, unless they get some merit aid. School spirit on the upswing, but not to Big10 level…maybe that will change now that they are in the ACC. Good job outcomes, many in Dallas. Not sure about the path to the east coast, but I’m sure there are alum there.
I would visit SMU and IU if possible, so he can determine the best fit. Even better if he can talk to business majors there, and guys who are and aren’t in frats. SMU can be an unforgiving social environment, IMO of course, YMMV.