Definitely interesting. One option for narrowing the field on investigating scholarships could be to focus on the ones local to this particular news article. It's an arbitrary way to filter, but might be appropriate in the context of telling an interesting story.
Another option could be focusing on some of the scholarships offering the most money, again an interesting way to structure a story.
Thanks for the ideas. I will definitely dive back in with those in mind and see what I come up with. There is a story here, and one worth telling. Maybe some stigmas can be removed with facts on how scholarships are handled.