Criteria for Selecting B Schools: Searching B Schools Scholarship.
If you leave the Top 15-20 schools, lower down the order there are many chances for schools. They will range from a few thousand $ to full tution waiver.
While searching B-schools with an eye on scholarship opportunities:
1) One should also look at which place schools are located because if the school has a good reputation and placement(Rankings in short) and it is situated in a large city say Newyork or chicago. Then it has a big pool of applicants and hence a wider choice to select from. So even if they don't offer the carrot of scholarship (or say substantial schol) then also they can have a class of talented people.
On the other hand if the school is situated in not so big place then they would try to attract meritorious applicants by giving substantial schools. Of course one has to factor in the amount of funds the college has.
2) Second criteria: For people wishing to have full tuition waiver, they have to look at school's and State rules also. For eg. A school in Texas can at max. offer you In-state tuition. So even in best case you have to pay In-state tuition from your pocket.
3) The third important criteria is to know the Class profile of the school. Say the Average GMAT is 640 and your GMAT score is 700+. And you have a decent to good Undergrad GPA then u are in the competition for schols.
4) Apply Early : You would always get some advantage by applying early. Try to apply in Round1.
5) Contact current students: Try to get school’s funding scenario from the current students