@eding97 and @sbhamm, Each scholarship sponsor has a fine print or policy which recipients have to follow if they accept the scholarship. If you accept B/K scholarship, you have to adhere to its policy about outside scholarship. Whether there is any arrangement for excess scholarship money, I believe it will be determined between UMD and your scholarship sponsor.
I am not an tax expert but I learn by experience. Just talking about B/K (no outside scholarship), the money which covers room and meals is considered as taxable incomes. Look out for the 1099T from UMD next tax season and you will learn more then.