It looks like you're in a predicament. Any decent program, FT, PT or EMBA, will require a strong GMAT. If your undergraduate scores are strong enough in the right subjects (i.e. straight As as a physics major) from the right school (top 50ish), you may be able to get an admit, but all admission committees will wonder what your issue is, being clearly academically strong but unable to break the 50% mark on the test.

My strong suggestion is to take a class, get that score up, and forget about applying this year. A majority of the material in the class will teach you how to manage the test and the finer points of GMAT strategy, which if you master those alone, you're looking at a 600+. And I know it's hard to hear, but I think you need to forget about that July 10th deadline and try again for next year. Your applications will be far better and it could mean the difference between selling yourself short and getting into the school you really want to go to. Also, if you've taken the GMAT recently, you won't be able to re-take for a month. Otherwise, you could try Veritas's accelerated online course that gives you two solid weekends of classes, then schedule your GMAT for July 9th.

I hate to say that you were right. I wasn't accepted for the fall enrollment cycle. I will be looking to take the GMAT for the 3rd time in November. I hope any program won't hold that against me (I'm sure they won't if I go from 450/450/700+).

It was a $700 lesson learned!