Its good to think ahead if you want to study physics.
No one goes to MIT for a masters in physics. The degree you need to apply to, if you want to go to MIT, is a PhD program in physics. If you fail the qualification exams you will be awarded a masters degree and asked to leave.
A masters in physics means you failed the qual, so do not focus on that, decide if you want a PhD, which is the degree you need to become a physicist.
You will need to take the physics GRE exam, as well as the regular GRE for admissions to MIT. You will need to do research every summer in physics, applied math or pure mathematics. You will need to publish some of it, but don’t pressure yourself, just hope that you can do something that warrants publication as an undergrad, thats not so easy. You should double major in physics and math if you can, if you want to study theoretical physics for your PhD work. You need to look into Physics REUs, apply early and do at least two of them, after sophomore year and junior year. You need to work on a physics project at William and Mary and get to know at least two or three professors well enough that they can write stellar recommendations.
You need to figure out your area of focus in physics: quantum mechanics, optics, biophysics, particle physics, condensed matter physics etc. You need to decide, do you like experimental physics, or would you prefer computational or theoretical work?
Develop a good list of PhD programs and apply to at least six programs. Many physics students today are applying to up to 15 PhD programs. Leave time for this in fall of your senior year, its really arduous! If your Physics GRE score is low, you cannot get into MIT, unless you happen to be female, there is leeway for test scores if you are female, unfortunately. Remember, MIT’s physics department is so well ranked that it attracts the best applicants from all over the world, and many students from the very top physics programs in their home countries have a leg up, from a student from William and Mary, which may not be a very top ranked undergrad physics program, I am not sure.
Do not overfocus on MIT as your only choice. There are plenty of outstanding Physics PhD programs, at Caltech, Cornell, U of Illinois, Harvard, Princeton, Berkeley and Stanford that may fit you better, depending on your research interests. You may also prefer a location other than Cambridge MA.
Once you get into some programs, you will be flown in for the visit programs. Be sure to arrange to meet your favorite professors at each program.
Also, apply for a three year NSF Graduate Physics Fellowship separately. That will not help you get into MIT, they really don’t care about that, and they reject plenty of students who win the three year NSF in physics, but it may help you at any other graduate program, so you don’t have to teach so much. The NSF application is due before the physics PhD programs, so in about November. The PhD applications are due a bit later. Some schools that are not as good as MIT may give you an offer as early as January, if they really want you.
Good luck.