There are three tiers of leadership that the Red Cross recognizes. One of them gets you a red cord. Another a red cord and chance to get a scholarship. The last, a red cord, chance to get a scholarship, and a recommendation from the CEO of the American Red Cross. Each tier requires different accomplishments through your junior and senior year. More details can be found here http://www.redcrossblood.org/leader/program-details
Class of 2015 and beyond: If you are interested in the program go to this web page http://www.redcrossblood.org/leader/ and create an account with the American Red Cross.