I can't speak for a Senior Military College, but I am currently an MSI freshman at a state university, and have been waiting 5 months for scholarship funds. I joined the ROTC program upon my entering school this past August, worked to get myself qualified (DODMERB, APFT, etc) and upon doing so was then told there were no funds available for on campus scholarships. I am still waiting, and am not even allowed to contract without a scholarship.
I mean, if you don't get your 4 year scholarship, but you really want to be an officer, all you can do is reapply and hope for the best. But honestly do not expect anything miraculous, money is apparently very tight right now.