Two years ago, my only 97% SSAT but with some impressive achievement child, due to my poor advise, applied mostly to top ranked BS, and while wait-listed by some, accepted by none. I mistakenly beloved that only they could properly support my child and afford our FA need.
Fortunately, she also applied to a few of not-so-top BS, and was admitted by one with need fully met, and has had two amazingly growing years both academically and socially. Her not-so-top BS turned out to have plenty of students, some of who became my child’s close friends, with similar level of intelligence and knowledge to her. For college admissions, I believe that she has a better chance for the most selective colleges if she wanted them, as a result.
You may still have that choice even if your child wasn’t accepted by any. Post M10 two years ago, I also learned that there are many great schools outside top 20 in ranking, still with spots to fill and have not full but substantial FA left for those qualified applicants without an acceptance.