I'd bet what happens is that it just funded a bunch of children of upper middle class families.

Scholarships and this kind of funds happen elsewhere and are based on merits. They end up funding a bunch of upper middle class's children because it turns out those children are well-equipped to perform higher on merits.

If you are too rich, then you wouldn't need this kind of fund.

If you are below upper middle class, then you would have a hard time competing with children from that class.

The upper middle class isn't rich enough to fund the kid but is good enough to accumulate a lot of merits.