First things first, I don’t know a lot about UMD, its strengths, where it places well, where it doesn’t, etc. But it’s not a flagship business school that jumps out at me as a “go if you get in” like Ross, Haas, Darden, etc. So, I’d want to really dial in the merit, understand if that’s permanent for all 4 years, conditions, etc. in comparing.
Regarding major and the idea of studying “business”, many people, me included, have a more nuanced view than has been shared here. First, econ is a great substitute for business (and I personally think a better overall education), unless you want to study accounting. If you want to do that, which is a really great choice for anyone who wants to study business, you have to be at a business school. The good news is that it really doesn’t matter which one. Though the Big 4 have their favorite feeder programs, all the offices are full of people from state directional and flagships that are nowhere near the top 20. If you want to study finance, generally speaking, there is more pressure to attend a higher ranked school with a bigger name. That is my experience and observation.
So, if accounting, then you have flexibility to choose amongst any of the schools with B schools (which includes Lehigh).
If not accounting, but still business, then I’d think hard about Lehigh, which has a solid reputation on the Street.
If you’re willing to give up business school for econ, I’d think hard about Colgate, which also has a solid reputation on the Street. It’s also worth noting that you can study finance as a concentration as an econ major at Colgate.
Syracuse and U Mass are solid universities but I don’t perceive their names as being on the same footing as Lehigh and Colgate, particularly the latter.
In terms of location, I’ve heard nice things about College Park. Hamilton, NY is quaint but very tiny and isolated as all get out. I’ve never been to Bethlehem, PA. Syracuse, ooof! I’ve been there plenty of times and it is ROUGH. The campus itself is very nice but the city of Syracuse is blighted and needs a lot of help.
Knowing what I know now, I’d look really hard at Lehigh because of its name and the flexibility it will offer by having a business school and then at Colgate. If the intention is investment banking, it would be worth talking to one of the posters here who are current and close to Wall Street recruiting. Both schools will get you there but there’s always a view on this topic.
I will leave your finances to your good judgment.