Some really great comments on this thread. I’ll just add that you shouldn’t necessarily assume that your child won’t get into a top school. The “chance me” people on this site are insanely qualified, and it can feel like your kid won’t match up to them. Just don’t pay too much attention to those comparisons.
I have a child who is a freshman at a GLADCHEMMS. He’s not a great athlete, OK at music, has some other non-competitive ECs. His SSAT scores were pretty good (mid-90s) and his grades were good, although he got a B in a key subject. What I found interesting was how much the interview matters. He’s not an extrovert and doesn’t easily connect with people, but two interviewers knew how to get him talking and learned how hugely curious he is. The other 4 interviews were duds. He got into those two schools, waitlisted or rejected from the duds. The only difference in the applications was the interviews. So if you cast a wide net, your child may get lucky and really connect with their interviewer. That can be just a matter of luck.