Your Alumni Scholarship will be used as scholarship money, note that the Regents Scholarship is only 2,000 and the rest covered for your 0 EFC is just University grants. Therefore, the Alumni Award will replace the university portion. Basically, winning scholarships is useless besides the recognition because you can never go over the Award Budget. I have won 15,000 dollars extra of scholarships, but UCLA still caps me at 31,500 a year even if I am a Regents. I think everyone who is invited to apply for the Regents Scholarship wins it anyway, but the fact that the UCLA FAO replaces your Regents grants with scholarships you won makes it kind of useless to apply for anymore scholarships for your next four years. They will just replace it anyway. I won so much extra scholarships that they even reduced my Cal Grant amount.