I suggest starting MBA study asap. The earlier you graduate, the earlier you can go for a job. Currently the job market is not satisfactory, but maybe by the time you graduate, the situation will turn good. If you go to B-school then, you will definitely lose lots of good chances.
Re schools you apply for. My suggestion is to only apply for the schools you will go. Even it is your bottom line, if you are admitted only by the bottom line school, you will also go. Otherwise you totally wasted your time and applicantion fee. Every applicant has his/her rankings in heart. Study the school in detail beforehead. Some local schools have very good reputation in local area and their graduates can easily find jobs in local region. Sometimes it is also a good choice.
MBA is a really personal choice. For me, I only want to consider one year program. Two years are too expensive both in time and energy for me. So a lot of schools are eliminated on my list.
you have to calculate well on the investment and return rate, aren't you.
Your career success depends on many factors, such as your education, personality, determintion and responsibility. MBA is kind of route to strenthern you in your career potentiality, but can not guarteen your success. Take comprehensive consideration before you reach a decision.
don't be depressed! hope is still in some place! I am also 29 years old and have received offter and S, but the school is not so good. but i will go. perhaps you should apply some not top school.