I got accepted to Questrom (FT MBA) and waitlisted at Jones. Note: Applied to round 3.
Question: Should I accept Questrom (with a 10K / year scholarship) or reapply in round 1?
Issue: Financial burden imposed from having to take a 140K loan and time to pay off.

My profile: Female, 40+ yrs old
BS, MS, PhD in Life sciences; MS, PHD: from top 10 US school in the specific area (Not overall)
Postdoc top 10 US school
Work experience: 3+ yrs biotech
GRE: have yet to take (due to the crisis); (planning to take at home)
GMAT: took once, 530 (had technical issues during test), decided to prep for GRE instead bc believe it will showcase my abilities better.

What would you do? I am very stressed out about the huge loan I will need to take out and the length of time (approximate 10yrs) to pay off.

I have no idea what your goals are but, other things being equal, getting an MBA seems like a good way to earn more and pay off your debts. 

I have no idea what your goals are but, other things being equal, getting an MBA seems like a good way to earn more and pay off your debts. 

Unless MIT or Babson attract you, BU is probably the best option. I know its hard for you to hear this, but don't focus on the scholarships. Focus on the best school for your outcomes. Slghtly better outcomes are worth way more than the scholarship.

I got rejected by Sloan:=(((((((it is my dream school... I didn' t apply to Babson.. would you try Sloan again (round 1) or attend BU? BU also has a much cheaper online option (24K) for which I didn t apply. 

You're an unusual candidate. I think schools will either try to freeze you out or actively encourage you, with few in the middle. if Sloan didn't encourage you to reapply, or give you much feedback, then I'd forget about them unless the Sloan Fellows program is a better fit for you. 

PS The BU online option doesn't make much sense for you: you need the full service, not just the lectures.

[Edited by Duncan on May 24, 2020]

Sloan does not give feedback to anyone (at least what I was told). Initially, I was considering the fellows program and talked to an adcom member. The member was trying to determine whether I belong or not to the Fellows program; we finally concluded that I should apply to the general MBA program and if the admin committee determined I was a better fit for the fellows program I would be offered a position in the program. The issue comes to the lack of management experience: ie: I have tons in project management and extremely limited people management experience. The adcom member seriously stressed the importance of a high quant GMAT score. I thought the GRE will much better reflect my abilities but have yet to take (was planning on taking it back in March but could not bc of the crisis).Re: the online option: This is exactly what I thought when I first started considering the different types of programs. However, I wonder if after the crisis online vs in person MBA will be re-evaluated and there will be a trend towards preference of an online FT MBA version. PS1: BU offers a virtual first semester of the FT MBA program for the entering Fall 2020 class. PS2: I feel as if I am going in a constant loop and cannot determine what is the right decision!!!

If they didn't feedback the Sloan Fellows program as an option, then maybe the EMBA? I think the visiting Fellowship (https://mitsloan.mit.edu/visiting-fellow) and ASP programs are not longer associate alumni-status, so that's less interesting.
The GRE isn't really that different from the GMAT. However, people spend twice as long studying or the GRE as for the GMAT on average. I would not worry that much, and taking the GMAT online might help you prepare for the GRE.
Online MBAs have been around since 1994. They are getting more accepted, but they won't be preferred. A lot of MBA students are functional specialists with limited self-awareness, weak leadership styles and poor soft skills. On-campus programs, and especially those with projects, groupwork, international study and internships, make a big difference. 

Looking at this list (https://find-mba.com/lists/top-business-school-by-speciality/top-business-schools-for-healthcare-pharma-biotech) BU jumps out to me as a great school for your goals. 

Also: the BU electives look [to me] better that Rutgers: https://www.bu.edu/questrom/degree-programs/full-time-mba/health-sector-mba/ 
I also see that BU has added its MBA to the list of courses that will be dual mode, so you cal choose to be on-campus on nine: https://www.bu.edu/grad/covid-19/fall-2020/