is a free MBA+30k worth it??

I recently discussed with the head of Economics at my school potential research opportunities. He briefly mentioned to me a new program which would pay for me to get an MBA and 30-40k in for housing or other expenses. In return I would have to become a teaching or research assistant after my MBA. I am a Sophomore at a Non-Target in the NYC area (40 mins away) and i have a 3.7/4. I would like to break into IB and many people have been able to from my uni but I am feeling unmotivated after countless rejection letters and no summer internship. Is it worth going for the MBA? How difficult would it be to break into a target school?

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