Can Federal and state tax credits be cumulative?
The institution matters for more than Wall Street finance : for performing arts (connections are essential); for international relations; for most humanities (depending on institution that major could connote high rigor or in the contrary blow off major). For foreign language and math, the actual offerings matter too if the student is advanced in high school.
Being premajor is risky. There’s a class called Finite Math that’s weed out - it’s * designed * to ‘weed’ half the class from Kelley contention, period. I think the requirement is only waived if you have a high AP calculus score - check because it’s become stricter recently. If he’s got to enroll in that class, I strongly suggest he buy the textbook and studies over the summer. The half that’s weeded out aren’t lazy or stupid - but regardless of how well-prepared and hard working they are, the class is designed to keep students out if Kelley and it does. Forewarned is forearmed. 
As for why employers prefer large state schools : the 'hand holding ’ explanation offered above was actually floated by a poster on a thread but has no basis in the actual report. Mostly, it’s because it’s more cost efficient (more students in one place) and good students have good skills for entry-level positions.
Be aware that the scholarship he has to IUPUI won’t be there once he’s enrolled at Indiana U. So, if he comes home and commutes after his first year, the costs will be much lower than at Indiana U but still won’t be nothing.
Have him look into Living Learning communities asap - spots in those go fast.
Also, if he has to clear the first year entry hurdle to Kelley - and, remember : most don’t - you may want to tell him he should wait till sophomore year to rush a fraternity if that’s his interest. Rushing usually results in a lower GPA because much time is dedicated to the fraternity duties, and in a competitive environment such as a weed out first year, students really ought to be 100% focused on getting in. Clubs and activities are healthy and necessary but not huge time commitment activities such as rush (with heavy daily time commitment )