Hmmm, the only thing about something like this is that if it were the other way around and a scholarship was being restricted to men only there would be complete uproar with people screaming about sexism and equal rights 
-Eóin
Personally I don't believe in giving someone special treatment based on something they have no control over or something that is irrelevant. You don't get to pick your gender or race or geographic location of birth. Receiving special advantages for these things isn't fair to others....that's how I look at it.
The longer we perpetuate this notion of making up for past discrimination by giving the groups that were slighted, in the past, special treatment; the longer it will take before those groups will be truly treated as equals. Singling them out says 'they are different' in ways that shouldn't matter.

If I am a smart woman, don't make a big deal about it because I am female...make a big deal about it because I am smart. Being female is irrelevant here.
But...
If it's your money you are giving away, you have the right to choose who you are going to give it to. That being said, they have every right in the world to give it to a female if they choose...or someone under 4' 10"...or someone left handed...or to someone of a specific race.
Here is a list of other unusual scholarships:
http://finaid.org/sc...rships/unusual.phtmlThere are other scholarships available based things that could be considered 'unfair':
There was only one reason why I posted the link: It could be useful and of interest to someone.
I don't have to agree with them only giving it out to females to think it could be of use to someone.
Edit: Changed link for Juniata College to point at Left-Handed Scholarship info page.