ameyagmat1989
Thanks for your reply bb

I am more concerned about getting a scholarship.
I have heard that for a particular round, the earlier you apply better chances you have of getting a scholarship.
Is this true? or would it be fine if I submit my applications a couple of days before the college deadline?
I never heard of it that way. Where did you see it?
While it could be true for some schools with rolling admission system that have regular meetings of the admissions committee to review candidates and announce decisions, for most schools, the decisions for scholarship and admission are almost always released either simultaneously or first admission and then scholarship, but definitely not vice versa. Since the admission decision is not given without an interview, which will not happen after the R2 deadline has passed, I can't see how an incomplete application could be reviewed or awarded a scholarship.
So, in short, I don't think it will help you get a scholarship if you apply super early, but I am happy to stand corrected - please quote your source.
P.S. Most GMAT Clubbers submit on the day of or a few days before.
EDIT: Many schools divide their scholarship funds between R1 and R2 and chances are equal in both rounds. R3 is usually the weaker one and by that time, the majority of funds has either run out or been allocated. There are always people who decline admission, of course when they get accepted in a better school or a school with a better scholarship, but that is taken into account that a certain number of folks will not take the offer.