It's the same process as applying direct accession. You will submit ADDOCs first. After receiving a pro-rec (professional recommendation), you will submit FINDOCs. From there, you will be either selected or non-selected. If selected, you will swear in and start getting paid. If not, then you will start the process all over again (or give up). You will be paid at the rate of an E-3, with housing and food allowances, until graduation, at which point you will get E-5 salary. You can also receive a promotion while in school with 2 semesters on the dean's list or getting someone else accepted. Each of these is good for only one promotion.
ADDOCs:
application
degree plan
letters of recommendation
FINDOCs:
PRT (Physical Readiness Test) scores (1.5 mile run, situps, pushups)
EPSQ (Security Questionnaire)
MEPS (Medical Screening)
Possibly something else that I've forgotten...