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Hey Prachi!
Well, I don;t see any reason why should "not apply to both". Do you like both schools? Can they get you to your goals? then apply to both! And even more if you can.

Generally speaking McCombs has a slightly better ranking and reputation than Mays. As for your chances of getting it, at Mays it should be better than at McCombs, but at both relatively good. As for scholarships it goes about the same i.e. better chance of getting it at Mays.

Hope this helps, and if you got anything else, you just drop us a line.