Can a MBA Student Still Apply for "Undergraduate" Positions?

I am pursuing my MBA and came into my program straight from undergrad. I've noticed some positions specify programs as being for undergraduates and then having other programs for MBA students. For example, I've noticed J.P. Morgan and Wells Fargo do this. The thing I'm noticing is some of these MBA specified programs often require 3-5 years work experience. I do not have that since I came straight from undergrad. I am wanting to get opinion's on if it is appropriate to apply for the undergraduate program or should I just apply for the MBA program. Would it hurt to apply for both? Thank you in advance for the thoughts everyone.

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