I got the scholarship this past August...Let me know about any questions you have.
GPA: 3.9, 2.5 years of HIV education and prevention volunteer work, etc.
I definitely think they look at GPA...if they didn't, they wouldn't ask. They also, of course, look at one academic and one non-academic reference letter, and three essay questions. If you don't have volunteer work serving the underserved, get some ASAP. Groups I would consider would be any group that is historically underserved: gay and lesbian, African American, Latino, etc. as you will, once you are done with school, be serving in underserved communities where there is a nursing shortage to fulfill your scholarship obligations.
When you write your essay, be sure to mention your commitment to serving the underserved, play up all of your accomplishments in school, extra-curricular activities, etc. You should also ask anyone who writes your reference letters to do the same.
Good luck, everyone! Again, if you have questions, let me know.