It's fine with me. I personally hope no one starts screaming about how it "excludes" other races. I'm sure that's what some of the bleeding hearts are going to scream.
Actually, this brings up a question, how are any other ethnically based scholarships any less racist? It's not like the world is divided strictly into whites and everyone else. A scholarship exclusively for black students, of which there are a few, can't be awarded to an arabic or east asian student, because those students aren't black. It goes the other way too, but my point remains the same.
And to the people who are saying that whites have it good enough in the states to not need scholarships at all, you're talking out your ass. It would be more accurate to say that most of the wealth is controlled by white people than to say that white people control the wealth, because the latter would imply that we're all in on it. We're not, there are plenty of white people living in poverty. Not me personally, but there are plenty, even in Canada, eh?