<p>I read it just as you do @vvnstar, they are merely requiring that you say “yes” to the scholarship by January 15. You have until May 1 to say yes (or no) to the school. (But honestly, how many would say “no” to the scholarship and “yes” to the school. I think they are in a round about way saying, without violating any ethics, if we are not still in the running on January 15, please let us know.) 
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