A few things u've left out.
1) The scholarship is only available to people who've attended
BMW's racing licence course either in Valencia or Bahrain. And only
then, u will get it if u're one of the top graduates.
2) Only people between the ages of 15 to 20 can attend the course
and be eligible for the shoclarship.
3) A fellow racer of mine enquired about the course. It would cost
about S$16 000 for the asian course. Hence, u would need $16 000
already b4 u even have a shot at the scholarship.
4) As quoted directly from the website:
"Although this is the lions share of a season budget, it wont be
enough to contest an entire Formula BMW Championship season. To
complete a season, the youngsters will need some sponsorship"
Meaning, US$50 000 is still not enough, if you can't find your own
personal sponsership, EVEN if u got the scholarship, u can't
race.
If you've never raced b4, I highly doubt if you'd be able to get
any personal sponsership to afford to attend the course. Hence this
route of entering motorsport is highly unlikely for anyone looking
to race, unless they're VERY rich. The alternative is to start
racing in a cheaper form of motorsport to get noticed, and maybe
attract sponsership so u can even conider going for the course.