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MIT has excellent financial aid. If your family makes less than 65K, consider applying to the QuestBridge National Match program of which MIT, CALTECH are partners. If you get matched to those schools as a finalist, you get a full ride for 4 years. If you apply REA or RD you will get free tuition if your family makes less than $90,000. You will get more aid if your family makes much less and how much you get depends on your FAFSA and CSS forms which all the colleges require when applying for Financial Aid. MIT meets 100% of need so if the gap is like $10,000, they will give you a job for the first $3,400 and give you a low-interest loan for the rest. Now if your family makes more than $90,000 you will get some discounted tuition. 31% of MIT students get free tuition and 59% get some form of financial aid. But if your parents are wealthy and make over $150,000, I don't imagine the aid package to be too big. There is no Merit Scholarships because everyone accepted is a genius to some extent and that would be splitting hairs to see who is smarter.
To add to Isaac's answer, all financial aid or scholarships at MIT (as well as all the Ivies and most other Top 20 schools like Stanford, Duke, and Northwestern) are entirely need-based. For these schools, if your family makes less than $60,000 per year, you would likely be able to attend for free (i.e. a typical full ride). Between $60,000 per year and $250,000 per year, people typically receive some aid on a sliding scale (e.g., if your family makes $130,000 per year, you might get about half of the total cost covered, which means your price tag will be about ~$35,000 per year). If your family makes over $250,000 per year, you will in all likelihood receive nothing from them, and there's nothing much you can do to change that.
These schools also have "net price calculators" on their websites that you can use to estimate how much aid you might receive: https://sfs.mit.edu/undergraduate-students/our-approach-to-aid/net-price-calculator/. I would use this with your family's financial info to get an idea.