The fact is we can sugar coat it, or we can be honest. I prefer honesty.
Scholarships will exist, but the competition will probably be much tougher because economically we are not at what it was like in 2006/07. Unemployment is higher and the stock market has yet to pass the 13K marker, plus parents don't have equity in their homes to take loans out to pay for college. That leaves people who would have never thought of going this path now applying if it means:
~ College paid
~ Job upon graduation
You will also see them now looking harder, and not turning a blind's eye to things like mdrob214 stated.
Every branch will bear a burden financially with these cuts, but they are over 10 yrs., and some branches will be hit harder and differently than others.
Don't worry about the budget so much, worry more about your resume. Is it competitive, do you have weaknesses in it? Take this spring yr as a jr to close the weaknesses and improve your strengths.
Like I said there will be scholarships, the question now lies at your feet regarding how much you have done to be a viable candidate for a scholarship.
EC's ---NHS, Sports, BSA, JROTC, leadership?
PFA --- Max it, practice, practice, practice
GPA --- Unless you have a 4.0 out of 4.0, study your arse off and pull a 4.0 the end of this semester if you are a jr.
If you are a soph, study also, but make sure as a jr you have the most rigorous course load that you can have, and during the summer be smart...buy books for the subjects jr yr and teach yourself instead of playing X-box until 1 a.m. If you do that at least when you enter you will academically have a stronger foundation, and hopefully that will translate into higher grades.
Also, if you are a soph, and don't want to do that, buy an SAT book because as a jr. you will take the PSAT, if you score high enough (95%) you will be NMSF, and that is also a good EC.
Good luck. Again, don't worry about what may or may not happen, just move forward to be the best...scholarships will not disappear, they may dissipate, but that is not the same.