Good point, some people like big schools with lots of variety, people to meet, and things to do. Emory is much smaller and in a suburban area, so maybe some kids want something quiet like that, but some might like the excitement of a large campus. To each their own.
The Cox business school at SMU is very well regarded. Talk to the financial aid/admissions people at SMU and tell them you are choosing between them and UT. Ask if SMU can come up with a more attractive financial package. SMU competes head to head with UT for students and it might sweeten its offer.
SMU is in the center of Dallas. Emory’s Oxford campus is in a very small town outside of Atlanta. Students admitted to Oxford attend the small campus for two years then spend the last 2 at the main campus in Atlanta. UT is in the center of Austin.
Even Emory’s main campus is suburban. It’s ‘Atlanta’, but suburban Atlanta.
Smu doesnt meet need and only reviews packages from peers (private universities against which they’re competing).
OP may try to ask for a review of their FA package of course, leveraging Emory rather than UT.