Whether scholarship will indeed be cut in half this year is yet to be seen. There may be a drop in the National scholarships that are awarded. My son's school has given at least 3 campus scholarships this year so that opportunity may still be available for next year. I have read that there is a slight move towards giving more of the scholarship opportunities to the battalions so they can select from the new cadets. Only time will tell if that continues next year.
SMP is a great program. Do a search through this forum, there are quite a few discussions regarding SMP.
Remember that you do not need to attend BCT or AIT to participate as a SMP, you only need to complete BCT and AIT if you wish to receive the GI Bill and the Kicker which would give you more money for school.
The problem is fitting both BCT and AIT into the schedule. If you do both together you will miss the first semester and start school late, not the best idea. You can also do a split option, complete BCT the summer before you start school and AIT the next summer. Fitting BCT in right after high school can be tricky, you may still not be able to finish before college starts.
The other option is to start school, try for a campus ROTC scholarship, if you do not receive one then plan on attending BCT the summer after your freshman year. This would now mean that you would go to AIT the summer after your sophomore year. You would not start receiving the GI Bill or Kicker until the start of your junior year.
SMP cadets compete with all other non scholarship cadets for a contract. SMP does not guarantee a contract, just be aware of that. If you do not receive a contract you will still be required to fulfill your Reserve/NG obligation.
Once you are a SMP you will have drill once a month, you just need to work that into your schedule since it will mean one less weekend at school per month.
There are a few cadets and parents of cadets on this forum that either have a son or daughter in the SMP program or are in it themselves that will be able to give you a lot more information. Again do a search of this forum and read all the posts regarding SMP, there are a lot and some very good information to be found.
Note: Cross posted with Clarkson. Clarkson is a great source of information since he is a ROO, you might want to visit his Blog, it is a wealth of information.