Anyone using CiviCRM for Scholarship Management?
Without information from you this answer is just waving in the dark but here goes.

Assuming a Scholarship involves


an application
a review/decision
a notification of outcome
for succesful, a one-off or series of payments
perhaps a report at the end


Then I would approach this by using CiviCase and a bunch of custom Activity Types. 

In an iDrupal world I would then provide the user with forms using webform_civicrm to open and update the status of the Case while also creating or updating the relevant Activities.

I would probably also provide a Drupal View of current applicants so admins can easily click through to a prefilled Webform and make the relevant updates.

Webform can also take care of pushing out the success/failure notifications, or that could be triggered via CiviRules or directly via an Activity to let applicants know the outcome.

HTH