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There are many benefits to timing your practice, including:
1) Shools which inform together with the acceptance. For some specific scholarships, you may need to apply specifically (i.e. write an extra essay with your application). Eg: Michigan, Duke, MIT
2) Schools that require you to apply for it after acceptance. Every admitted student can apply and it's typically need based. Eg: HBS, Stanford.
3) Schools which pre-select some students to apply for a merit based scholarship. Eg: Cornell (Park sth. scholarship).
4) Schools which inform you initially of some scholarship and then update such scholarship as they start getting "money back" from admitted candidates with scholarships who won't attend. I think every school in 1) and 2) could work this way. Eg: I read in here that someone got a scholarship upgrade from CMU - Tepper.