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Many lower-ranked programs will offer a meaningful scholarship to applicants with a GMAT Score higher than 700 as they know applicants have choice with a higher score. While being a lower scoring applicant, your choices are more limited and the AdCom has less of an argument as to why You vs. Joe over there who should get the funding. GMAT makes it an easy measurable way. Getting higher GMAT helps these programs in a few ways, so the higher the GMAT Score, the better for the program and the more likely a scholarship.
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