UMD has a good business school and has merit $$. Your S’s stats should make it a good target for admission. Agree with IU/Kelley recommendations. Have you looked at Northwestern? It’s a reach for everyone, but your S may find it interesting. Don’t think they do merit, though.
I like how you are working on the list from the excellent financial/admissions options that are realistic and then considering a couple reaches.
If you have multiple students in college at the same time, you may get a bit of FA, even at that income level. No promises, but run a NPC to get an idea.