Hello Priya, 

Scoring high in TOEFL might be just one of the reasons that may help you to get into a good college abroad, other factors are extremely important as well, for instance your overall GPA, your SOP, LORs, Extra Curricular Activities and Social Work; however good scores in TOEFL surely does increase you chances to get into a better college.

Some colleges do have this option where scoring well in TOEFL might lead to gaining some sort of Scholarship, however most colleges have TOEFL as the bare minimum and might not offer any fee concession. 

I hope this was helpful!