The answer is no. In my opinion you will not be able to get a scholarship from an average school. Here is what your mindset needs to be:
1. You will do your MBA just once. A good GMAT score will help you get to a good school.
2. A 700+ GMAT score increases your chances of a partial scholarship, saving you up to $50,000.
3. A 750+ GMAT score will definitely go a long way in ensuring you get into a top B-school and get some fellowship. This, in my opinion, is worth hundreds of thousands of dollars over your lifetime.
4. You will be proud to put a 700+ GMAT score on your resume as a differentiate. This is because the person recruiting you would have taken the GMAT and hence will be able to value your achievement.
5. You need a 700+ score if you want to work for the big 4 consulting companies.
I hope the above helps change your approach.
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