What does it mean by scholarship awards ?

Scholarships are credited toward tuition. They can be a big help in paying for your education! Also, some scholarships are very prestigious as they are very competitive, with demanding academic & other qualifications to apply for them.

That's the amount of money you get toward your education from that scholarship.  If you get a $5000 scholarship, then you get $5000 toward your degree costs; if it's a renewable scholarship then you get that amount each year.

A scholarship is money for school that you don’t have to pay back. It can be as little as a one time amount of $100. or it can be a full tuition scholarship that covers tuition for a student for all four years of college. 

If it says the scholarships is $5000, then that means the student is awarded a one time fee of $5000.

Many times scholarships are direct from the university the student was admitted to.  Student can get a scholarship from other sources, like a company or organization.   Sometimes  the scholarship money goes direct to the school to cover tuition costs and other times the student gets the money directly.

the amount cited will be applied to reduce your tuition, if you get the scholarship