San Diego State University!! I don't know if they do scholarships, but if you make the team they pay for your books. I also do know they go to the College UCA Nationals. They have done amazing there. They were 2009 national champs and 5th this year due to an injury. :)
Most teams say it for timing purposes. When you say hit you should be at the highest point of your jump and when you say pull... well I think that's obvious. but it also pumps you up to stick the skill I think.