I can't believe I have to write this:
The reason that there are no scholarships such as this is because historically white males have never started life behind the 8-ball as a group and, as such, have never had to have special benefits as a group. I think DuctTapeJedi said it best. I mean, sure, there will be poor white males just as there will be rich one-legged minority lesbians, but the idea behind scholarships only for one group is statistical discrimination, something we white boys haven't historically suffered.
I say I can't believe I had to write that because I thought it was obvious and everyone would RAGE over this story. It didn't cause me to rage even though I don't think it's a good use of $500, but hey, scholarshippers gonna scholarship.