USAFA works off a semester system and officially releases grade cards after finals.
There is a less official mid-semester report called "Prog" which is basically just a check up on each student. You can be placed on academic probation for either report.
I think the semester one is the only one that is "official", though. I'd try to double check with some one else.
I've read in multiple cases that USAFA won't allow scholarships that have restrictions on them such as holding a specific GPA etc but you can always call admissions and see what they say.