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The schools I got scholarships from didn't point to the exact reason I got that scholarship so hard to tell if it was purely based off test scores. Higher score will of course increase your chances of getting more $$
If your score is well above the average for a school, it’s a great leverage point, sometimes you can mention it when negotiating or inquiring about funding. My experience was that once I received an admit, I got an automatic scholarship offer purely because my GMAT was much higher than their median. It’s definitely worth asking admissions directly what’s available and if your score helps your case.
I would NOT recommend asking admissions directly what your chances are of getting a scholarship. It shows a complete lack of self-awareness.
Merit scholarships are granted based on the strength of the overall application, not just on a test score.
And admissions folks are loathe to negotiate scholarships. Having a higher test score doesn't mean that you will add more value in the classroom or in the broader school community which are things that they value.
I heard that for every +10 points on GMAT score that's above average, it's +$10K more scholarship money.
In general, your GMAT/GRE can be the biggest difference maker on your application. But don't neglect everything else: I know people with great GMAT scores (think 770-780) who were waitlisted or rejected, likely because their application wasn't unique: their goals, ideas for clubs, etc.
First time hearing this