Definitely check with each school individually to see how they handle things.
Some schools stack scholarships, meaning your financial, merit, and outside scholarships all add together. Others schools don’t and essentially your scholarships end up canceling each other out. Finding schools that stacked was one of our main criteria when we were looking for schools to apply to.
Also, check with schools to see if your merit aid is dependent on living on campus. At some schools, if you move off campus, you loose part of all of that aid which could really hurt you down the road if you are counting on that, but don’t plan on living all 4 years on campus.