sant13osh:
If you really can't afford to apply to both schools (which is concerning if you realize the 2-year cost of an MBA), you should see if one or both will give you a application fee waiver. If your financial situation is that challenging, they might very well be accomodating. I would reach out now to the AdCom and see what you can gather. If you don't ask, you'll never know!
HEC Paris is the better school ranking-wise and you have the right statistics to get through the front door with either (see our comments on your MIT Sloan posting), so getting an interview should not be a challenge. The real question is which program is the better fit. What do you value in a program? Do you want to in France or Spain? What kind of campus are you seeking? etc. etc. There are many criteria that go into deciding the most appropriate program for you.
I hope others here will also add in their two cents.
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Admissionado