For the most selective schools it is necessary to be across the board top of the charts strong.
As another poster had indicated merit money is more readily available for high stats kids at the tiers below the most selective schools. Schools ranked 25th and lower (in our experience, 30th and lower) is where significant merit scholarships become available.
My response is purely technical, I am not suggesting in any way that these lesser ranked schools are not fantastic schools.
Research schools Common Data Sets and see where you or your child’s stats place you at or very near the top for a particular school. Then check to make sure these schools award merit scholarships.