Suspense!

By now, most applicants to the Fall 2012 batch have already submitted their applications and are just waiting for their interviews and/or results. The US schools typically have one last round for would-be applicants, but some say that grants and fellowships are not as available as in the earlier rounds. From what I know, the availability of fellowships on the final round depends on the school. There are schools that offer rolling admissions (you can apply throughout the year) so those who suddenly decide to pursue an MBA need not move heaven and earth just to apply now. Anyway, my best advice would be for you to apply when you're ready. If time is not a pressing matter, then it is probably best to prepare your application for Fall 2013 (ie. study for GMAT; take the TOEFL; save, save and save money, etc.).