No
Let me use the 2014-2015 cost of attendance as an example:
Total COA is $24352
B/K scholarship for 2014-2015 is $21190 (full, 2015-2016 amount is higher ~22K)
The difference is Personal expense ($1680) plus Transportation expense ($1476)=$3162 which is not covered by B/F.
If the outside scholarship is < or = $3162. You will keep all the money to cover personal expense and transportation charges.
If the outside scholarship is >$3162, You will keep $3162. The excess will go to UMD (not your wallet). In doing so, they will reduce the B/F amount so that the total B/F + outside scholarship=COA.