Am I selling myself short?

Hi guys,

I recently applied and got accepted at a Near Frontier Elite School in Cali. The school asked me to retake the GMAT (original was 620), so after 2 weeks of self prep I took the test and scored 710.

Now I feel that I should be going to an Elite School with such a score (and very good work XP, not-so-great GPA though: 3.1)

However, if I take the plunge and apply to elite schools, I would have to push my MBA studies another year and would probably not receive such a good scholarship (60% of tuition).

So the question is: do I apply to the top 7-15 shcools and wait another year, or should I just try to be a 'big fish' at my current school.

Another consideration is that my current school is 15 mins from where I live, and going to one of the top schools would mean moving.

Thanks for your help.

MX