AMS2017, your understanding is incorrect. The scholarship is tied to the candidate and the school, but the school can be switched.
The Navy will award around 900 scholarships this year. They have awarded ~350 at this point. (My guess, could be way off, but don't think it is.) The chances that all of the slots have been filled at VT are slim. OD and VT are essentially the same cost to the Navy for B99; same state. Being revenue neutral in your ask helps.
The simple answer to B99's question is, yes scholarships can be switched, but there are no guarantees. You need to reach out immediately to the folks in P-cola for advice on how best to proceed. Call the number on your acceptance letter an ask for guidance.