Vaangelsfan, My understanding is that academic money, if truly academic money (there are grade criteria) does not count against the 11.7, that financial aid does, and awards / scholarships based upon athletic performance (such as a scholarship from the sports club for being a great athlete) do count against the 11.7. If motivated enough to look, one probably could find it all in the NCAA rules on the Internet.
That's another reason why grades are important. If they are good enough, an institution / baseball program can get money to a player without "digging in" to their 11.7.