“We are not wealthy, but due to being past retirement age and still working, we could afford Tufts full pay without resorting to loans. Can anyone help me justify a $192,000 premium over four years? Or not?”
If you’re both working past retirement,I would save the money for retirement since your son likes both colleges. If he likes Cornell better than both, then you could discuss it if he gets off the waitlist.
"this is how most LACs and private universities market themselves to students. "
You can talk all you want about the benefits of any university, LAC or otherwise, until it comes to telling people how to spend their hard earned money.