UCSD Chancellor Scholarship criteria for a student?

How do they choose students for this?
I know they are giving that to outstanding and highly-qualified students with financial need and who are California residents.
The scholarships benefits are really good and some of them include $20k, priority enrollment, individual academic counseling, guaranteed on-campus housing for 2 years for transfers and 4 years for freshmen, Mentorship.

However, there are so many students who have financial need based that is not met based on the FAFSA app, so do they give this to everyone like that or some few people?