I would advise your son to give strong consideration both to WashU and to Rice. Plenty of students with similar profiles have gained admission to those schools recently. Both offer excellent quality of life, and Rice has recently upped its [already strong] financial aid game to appeal to middle class families who sometimes have too much to qualify for tons of need-based aid and too little to be able to do full-pay without financial stress.
While Rice doesn’t have a business school, it does have a strong econ major and a very popular business minor. Since the university is less business-focused than some peer schools, students interested in fields like banking and consulting facing less internal competition for interviews than is often the case elsewhere, and job outcomes are very good.
If you are really after big merit money and are willing to fly under the radar in terms of big-school name recognition, you might want to take a look at Rollins in Orlando, which has a competitive merit scholarship program that is designed to lure recruits away from top-tier schools. Your son might have a shot at a full ride there.