This thread is to answer questions about what will be happening in the next week or two, and also to help us experienced parents that try to contribute avoid answering the same question over and over, and rather just link to this thread.
Disclaimer - This is what has happened for last 8 years when I have been through it, they could change it up - they are in charge! The dates are just guesses based on the past, colleges tend to operate like a machine and do the same things each year. Apologies in advance if the do something entirely different or dates are off!
THE MERIT PROCESS
WHAT?
This year, about 40,000 students applied in time to be considered for USC merit scholarships. Around January 23ish they will offer admission to approximately 1,200 students who will proceed to the next phase of consideration for the top awards: the Mork Family (10), Stamps (5), Trustee (100), and Presidential (200) scholarships. It is good to understand that approximately 38,000+ will NOT get a scholarship package in January and will have to wait until March with the other 20,000+ students that applied after December 1st. Big numbers. So don’t be discouraged, but it is a long haul for most. A letter is added to your portal if you did not receive a scholarship when portals are updated for all, 3-4 days after packages are mailed; this tells you that you are still being considered for admission, will hear in March, but no soup (scholarship) for you. 
There just aren’t enough scholarships for all the great kids out there!
NMF 1/2 tuition award - These are not part of the January process.
WHEN?
I would guess (only a guess people) that they will be sent the week of January 21st, usually arriving later in the week, around the 23rd or 24th. Again, totally a guess based on the last several years, it could be the following week. One year, due to some bad weather in LA they were sent on a Monday, but typical behavior has been mid-week.
People in LA area start receiving the acceptance/merit boxes the day after they are sent, many in the country including major metro areas get it the second day. The rest (aside from delays - talking to you @WWWard) get it the third day, but by then the portals have updated just after midnight that same day.
HOW?
The scholarship packages have been sent in white boxes last few years (they could be different color this year, they have been red and gold packages in the past) that fit in most mailboxes, some are left on porches if not. They are a little bigger than a piece of paper and little less than an inch thick. They are impressive and beautiful packages as are the “regular” acceptances in March.
It is sent United States Postal Service - the good ol’ mailman. It is not UPS (the brown trucks). Since they come USPS, meaning postal service, and in your mailbox, setting up a My UPS account won’t get you anything here. International packets are sent DHL. They seem to send these out ahead, so some will get there pretty timely, others seem to take weeks, but the portal will update for all on the third day after sent.
Mail technology has really evolved that last couple years, but note these are packages, and it has been (note, has been) up to the sender to enable the tracking on a package. But ahhh some of you think - “we have have Informed Delivery Daily Digest” - the postal service that tells tells you what is coming in your mail that day. In the past and including last year, USC did not enable tracking on these package, so it could not be tracked. A Thorton applicant did see their package because they were sent independently of the main group, but it was literally one person that reported that. So the merit/admission packages from the postal service have NOT been included in the Informed Delivery Daily Digest, but technology keeps changing and varies by areas. So we will see what happens this year. I am sure many will have their conspiracy theories on findings ways to beat the system and find out early. It hasn’t worked so far.
While I understand the anxiety, imo I would stay off of the USPS site and sit back and let it happen as intended - see if it comes to your mailbox! Seeing it online in some mail program defeats the mailbox moment which can be spectacular. This is why USC doesn’t just handle it online, a bit old school and torturous for sure, but incredible for those who are lucky enough to get the package. (Frankly, drawn out and not so great for those that don’t get one.)
WHAT’S INSIDE?
First, if you get the package, you are accepted. The package includes an acceptance letter and tells you what major/school you got into and which scholarship. Some will also include invitations to interview for a higher level scholarship with brochures like “Explore USC/Trustee’s Finalist” or other info relative to your specific scholarship. Sign up for Explore USC and interviews open up after the portal updates and everyone knows their status.
You will not interview for higher scholarship if there isn’t an invite to do so included in your package.
If you DO NOT get scholarship info within your package but did get the JANUARY white box/acceptance package, in the past it has always meant that yes, you are accepted, and with the Dean’s which is 1/4 tuition.
RANDOM SUGGESTION
I have been through this four times with great success, but it is nice to be just watching this year. The one thing I learned for us (and each family has their own dynamic so take it or leave it) - it is fantastic to let your kids own the moment. Whether in January or March, let them find the box - you may pay for the education, but they own it - they worked hard. You don’t accept the trophy for them at t-ball, let them find the package. Of course they want to know asap, but I would avoid texting them at school that they got in -you miss the moment, they miss the mailbox/porch moment, and it defeats the purpose of all this planning by USC. Finding it themselves really can be like those emotional commercials.
If you have to peek ahead cause you are losing your mind (it happens) try to hold it in until they find it, or make a fun plan with it (I have seen some put it in the fridge, etc). We are rural and have the advantage of that mailbox at the end of a long driveway and mine had no idea if/when anything was coming (which is great). Coming home from school pickup, I vividly remember stopping at the mailbox and having him check the mail as usual (I started having him do it months before college decisions so it wouldn’t be an obvious ploy). I can still see his face as he looked in and saw the USC box, then looked up and back at me in the car with the look of a 4 year old on Christmas morning. That moment is etched in my mind, no cuteness for the camera, just pure wonder and joy. Then pulling it out of the mailbox like he had just found a treasure.
My other one knew they were coming and whether she had got one or not, she wanted to walk to the mailbox on her own, so I got to enjoy watching her return with it. She still thanks me for letting her have that moment to herself for just a little while. But that’s her personality, do what works for you - you might give it some thought in advance on how to handle good news from any college if you get it first, it is a once in a lifetime event for them. Of course, do what works for your student and family, sometimes it is best if they are blissfully unaware of all of this, but let’s face it, most (including parents) are on edge from here on. Keep busy and enjoy this time with them! Wishing you all the best through these next anxious weeks and months.
Again, best guesses from experience and I apologize in advance if they change it up!
And as suggested above, the U.S. Postal Service is far from perfect in terms of meeting its delivery expectations in all markets. But everyone’s portal will update eventually.