I won one of the awards last summer.
I had actually forgotten about it (and assumed I hadn't been selected) when I got a call over winter break letting me know that I had won. Then they gave me all of the details and stuff. Personally, I think that given the rising number of applications for the scholarship, they might not have the number of office staff to let everyone know soon enough.
After you are selected for the award, and after the awards ceremony do they give you information about award disbursement.
As for the colleges, just put down whatever you're thinking of at the moment. It might change, and it doesn't really matter. They like to mention at the ceremony where awardees are going, and it doesn't matter for selection at all. (There were people applying to highly selective schools and ones that aren't very selective, so that's why I'm pretty sure that it doesn't have an effect on selection).