I just Beat The GMAT!

This forum has been helpfull to me. Sorry guys to disappoint you. Here is my sad story

I wrote the GMAT today. And I pulled devastating 480 (Q42, V15) I could't believe my eyes. I had some idea I was not doing well in verbal but not to this extent. This is the below the low of my lows MGMAT score. I used to score between 540 and 630. My last MGMAT practice test was 630(Q45, V32). I took them in the library to mimic the test environment and was taking two of my breaks.

MGMAT2: 590 (Q43, V29)
MGMAT3: 550 (Q45, V21)
MGMAT4: 590 (Q43, V29)
MGMAT5: 590 (Q44, V31)
MGMAT6: 630 (Q45, V32)


Let me give you play by play scenario or my last three days experience.

I didn't study hard topics in the past three days. I was reviewing light materials and checking my wrong answers on MGMAT site. I was quite confident that I even reviewed my application essay.
Today I woke up around 8 jogged a little be for about 15 minutes. I eat my breakfast and watched KPLAN videos on youtube.

I arrived at the test center 30 minutes before and started my exam on time. I got generous AWA topics and comfortable wrote them on time.

I went through smoothly on the math section nothing difficult till Q33 where I spend more than 5 minutes and decided to guess eventually then I had to guess the next all questions because I ran out of time. That cost me dearly not only on the score but also on my mood as well. I couldn't stop thinking about my mistake. I entered the room 29 seconds late and verbal started with 29 seconds penalty. I started to rush to make it up and keep regretting on my quant mistake and the 29 seconds.

I didn't answer most of the verbal question with confidence to be honest. There was almost no question that I answered calmly. Not to scapegoat my failure on something else but I keep regretting my action now and then to the extent that I have to tell myself vocally to come down. Verbal is my weakest section. Or at least I believe it is and the result tries to be in line with my thinking.

I completed verbal on time guessing on CR question before the last one and the last one was easy SC.

When the result comes I know I messed up and I was expecting in the upper 500's but I can't believe my eyes and start to laugh when I saw 480.

My problem now is the program that I am applying to has June 1st deadline. My 4 months effort is wasted.
At this point I don't know what to do. Should I go apply and rejected or should I wait till NEXT YEAR?

Update: I spoke to the school contact. He suggested I submit the application before deadline and take the exam by June 25. I have 26 days to prove my self. Please give me your advice on the verbal.