You stated, "I understand that the award may be meant for blacks, which I don't have much of a problem with."
Would you have a problem with a public school having an award intended only for white Christian conservative heterosexual males?
Glad to clarify. I stated that there isn't _much_ of a problem. There still is one. Blacks, on the whole, continue to have less opportunity, so specialized scholarships for blacks are more likely to go to someone in need. However, awards and assistance like this would ideally be given out according to socio-economic status--you know, to those that need it.
As an example, my family was not as well off when my oldest sister went to college. She should have been very able to get significant financal assistance. (She did have some.) When the younger kids went to school, our family was more able to help, and therefore should have received less assistance. (Which happened.)