It's a huge deal. The Morehead-Cain is one of the most all-encompassing scholarships in the country. And obviously I can't definitely say this, but it also means that you are probably in.
You should definitely check out what all the scholarship entails. Here are more details on the website... What is the Morehead-Cain?
As you can tell, I'm a little jealous
I was a nominee, but I got cut at the semi-finals. However, I'm in-state so admission is much less competitive for me. Good luck with everything!