Last year my son was admitted in late Oct or early Nov and received the scholarship packet in early December. Thisa year my daughter received her scholarship letter in late January. It likely is a rolling process like admissions, or at least is done in waves until March from what I’ve read from past years. It probably varies a lot by college/major as well, as JBStillFlying said. My son was notified of CSE honors before the merit letter came, while my daughter’s tracker doesn’t appear to show any honors invite for CBS.