I suggest that you add Brandeis to your list of schools. They have a good business school, are test optional, and have a 40% acceptance rate. He falls just within the middle 50% range of their applicants.
Why Brandeis other than for its superb academic reputation? They are tuition free for families with incomes under $75,000. Tuition is $70,000, so the “Brandeis Commitment” easily gets the cost of attendance under $30,000. Free tuition for families with incomes under $100,000 at UVM makes your state university tough to match but Brandeis is pretty much there with a cost to you of about $24,000.
The business program at Brandeis is different. First of all, the business degree is a B.A. although they have a separate business school, their program is a partnership with the School of Arts & Sciences. In this respect, it is more like Providence College than like those with a separate business school. Second, the Brandeis International Business School has a focus beyond our borders and the undergraduate program builds on that. Specifically, the university offers a Brandeis in Copenhagen summer program which is Brandeis-run but in partnership with DIS Copenhagen. XThis is one of the most beautiful and historic cities in Europe, a center of high culture. Third, Brandeis has cross registration with both Babson and Bentley with the latter being just 3 miles away across town. So, anything that Brandeis lacks in its array of business courses can be picked up at one of its partner institutions.