the $50,000 scholarship is for educational purposes only
That's not how I understood the scholarship when I read the information on the website.
The FAQ says
Scholarship money should be treated as “professional development funding” for award winners. This means the funds could be spent on things like professional travel, textbooks, technology, college tuition, supplementing unpaid internships, and more.
Once the student turns 18, they have two options:Submit an award disbursement request every year, indicating the amount of scholarship the student would like to withdraw for what purposes. Post-undergrad, the remainder of the funds are sent to the student. This helps avoid scholarship displacement. Receive the scholarship funds as a lump-sum payment sent directly to the student.
Once the student turns 18, they have two options:
From this, I concluded that once the student turns 18, they can use the money for everything that could be defended as plausibly leading to their professional development.
If that's the case, than though the scholarship is not exactly "no strings attached" as the OP claims, it's still a description that to me seems closer to reality than "educational purposes only".edit: a typo