Added this answer for extra clarity.
Take 1st scholarship, it can be given to any of the 4 applicants. So 4 ways.
As it is given that,
each applicant can receive any number of scholarships
An applicant can have any number of scholarships from 0 to all 3. Suppose an applicant gets all 3 scholarships, the rest of the applicants will get no scholarships.
So it is possible that the applicant having the 1st scholarship may also get the 2nd scholarship.
Take 2nd scholarship, it can also be given to any of the 4 applicants. So 4 ways.
Take 3rd scholarship, it can also be given to any of the 4 applicants. So 4 ways.
Total number of ways 3 scholarships can be given to 4 applicants = 4 * 4 * 4 = 64 ways.