Let's face it, it's hard to deny faces.
Using an already existent technology like LinkedIn will prove to give this approach a springboard to launch from. This also deals with the now, while other brilliant ideas and policy changes are in development. There is so much unclaimed scholarship money at every institution of higher education these days that it begs the question, why don't we flip how we award them? Now it is the selection committee reviewing profiles, seeing faces, seeing progress, and making the connection with a person and their thoughts and ideas in real time.
Let's use what we already have.
There are many federal programs in colleges that represent students from backgrounds that will inevitably have to take on a lot of student loans. These programs can have access to particular LinkedIn groups to start with, encouraging students to join the group and coaching them on presenting a great profile and story, and companies, organizations, individuals, or scholarship selection committees can go through and select who they want to award. There would need to be a privacy app developed for LinkedIn which only permits "administrators" to see particular items so that students feel safe sharing their stories on top of their volunteer, course, and work experience.