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.
Aiming to score 760+ on the GMAT? Attend our free webinar to learn how to define your GMAT strategy, create your study plan and master the core skills to excel on the GMAT. Click here to register for this webinar. The webinar will start at 7 AM PST on the 6th of June 2015.