I was an AROTC student so I can expand a bit on that program.
Scholarship options tend to differ. Either way, you can't get one unless you're contracted to the Army (you can do this freshman year, if there are scholarships available, or at the latest the beginning of your junior year). A scholarship will pay for either room/board or tuition, not both (West Point and the like may be different). Room/Board is either exactly what room/board on campus will cost or the average cost of a dorm room if you are living off campus. This is often, but not always, a better deal than getting a tuition scholarship. There is also a book stipend (for me it was $400/quarter) and a monthly stipend if you're contracted (varies depending on school year, from $300-$500).
My school required morning PT, a weekly 'lab' consisting of hands on training for about 3 hours, and actual classes you have to register for (usually one or two a quarter). You are usually required to also do something during the summer. Junior year is LDAC, which is required to eventually commission as an officer, and you can chose freshman/sophomore years. There are a lot of options, from Airborne School to going to Taiwan/China/etc and spending time with military cadets there.
Boot camp isn't always required. If you join as a freshman, you generally have to do bootcamp/AIT. If you join as a sophomore/junior, they send you to a summer Leader's Training Course and you skip the other two. I took the LTC option as I didn't join as a freshman, so I skipped bootcamp. LTC is only a month long, specifically for ROTC cadets.
Either way, I suggest thinking long and hard before signing your child up. It's definitely a time commitment and requires a lot of work. If you have any questions about ROTC or being an officer, feel free to message me. :)