Scholarships and financial aid (bursaries and loans) to students for their education can be considered to be activities in pursuit of charitable purposes. Generally, a program like this is operated by an existing charity dedicated to the advancement of education (e.g., a university, college, foundation).
A charity operating a scholarship fund should define who is eligible for financial aid, how the program is to be funded, and how eligible individuals are to be identified (e.g., by application). The charity should also have an objective process for selecting beneficiaries of the program from among eligible individuals. Government filings will also be necessary (i.e., T4A slips and T4A summary).