The point of difference is that they are a minority, and the grants are expected to improve the minorities culture. Same thing happens here in New Zealand. We have scholarships for Maori (though their scholarships come from their tribes so it's sort of fair enough) and Pacific Islanders, they also get free tutoring and stuff like that. I'm not sure how it is over there as far as equal opportunities goes but over here it's pretty much fine.
The problem is in the upbringing of children from the other races, which leads to many being disadvantaged from the start. While i don't agree with the racial selection methods, it's the easiest way forward for the people. The more of that race which gets a chance at higher education, and as a result a better job, more money, etc, means more of the future generation to get higher education, better jobs, more money, and so equality, and all they have to do is throw money at it.
I think the better place to start would be in altering the mindset of the parents of young children. Encouraging learning and intelligence from an early age so they can start on the same playing field as everyone else, rather than hand outs to students based on their race later on.