As we approach round 2 deadlines, my application is not as strong as I would have liked, including a disappointing GMAT score. If I apply, I would consider it a hail mary. But should I apply and not get in, and then reapply next year, is it a no-no to uses the same essay? I'm sure it would be in a more polished form, but I've done a lot of work and am pretty confident this is the best story I can present unless something amazing happens in the next year. BTW, I'm aware schools sometimes change their essay topic, but my main target school is Stanford, and I understand they haven't changed the essay topic in years.
So, my question is would it be better to wait a year and apply then, or submit my hail mary application this year?