[Some advertising on behalf of my department. The inaugural 2009 scholarship was announced on this blog last year. - T.]
The UCLA Math Undergraduate Merit Scholarship provides for full tuition, and a room and board allowance for 4 years. In addition, scholarship recipients follow an individualized accelerated program of study, as determined after consultation with UCLA faculty. [For instance, this year's scholarship recipient is currently taking my graduate real analysis class - T.] The program of study leads to a Masters degree in Mathematics in four years.