I am pretty certain that the Navy won't let you do reserve and ROTC.
There are two people I know that were Navy and Marine Corps reserves (mind you they spent two-three years in the military before school, which includes boot camp, schools, and a deployment) that are now contracted ROTC.
However, they came to college not on ROTC scholarship.
The guy in the Marine Corps reserve picked up a 3-year scholarship, and once he was sworn in, his enlisted contract put him in the IRR (basically out of the reserves-doesn't receive any service time, money, or benefits from the reserve anymore).
The Navy guy just entered the battalion and I'm sure his enlisted contract will be terminated as well.
Since you have a 4-year from high school, that would mean postponing your college career for a year or two, and possibly lose your scholarship.
Navy is different in that they don't have a guard or reserve component to commission into with ROTC, and expect all MIDN to commission active duty. They probably don't want to mess with the liability of having a MIDN enlisted while also being contracted in ROTC, so they just terminate the enlisted contract once the MIDN is contracted in ROTC.
There are ways to pay for room and board by either work study, being an RA, possibly stipends, and other jobs you could find in town.. Also FAFSA, and other scholarships Penn State would grant.