@IzzoOne , I don’t think the number (per capita or otherwise) of Ph.D. graduated from either school is the issue, since it would be relatively rare for any student to pursue a math Ph.D. where he got his undergraduate degree. I am just passing along a concern my daughter has heard from multiple math majors as she’s traveled this path. She is graduating from a decidedly non-LAC research U and headed to Stanford for her Ph.D., so in her literal and figurative travels, she’s learned that, when applying to fancy Ph.D. programs (the term they all use), your undergraduate research experience and upper-level course work matter. Now, if the OP’s son wants to go into industry instead of academia, there are piles of Ph.D. programs that are more forgiving. If he wants to leave the door open to academia, he needs to go where he can pursue undergraduate research and take the most graduate-level math classes.