I think asking aspiring coders to run a "kickstarter" style crowd funding campaign for themselves is a mistake for the reasons the jtheory mentions.
I think it would make more sense to allow funders to organize themselves into scholarship groups with shared goals.
Then match aspiring coders to these scholarship groups using a process similar to the "National Resident Matching Program".
Then there is no binary choice of "you are deserving, you are not" about aspiring coders being made by funders. It's more of a "this coder exemplifies our ideals better than this coder"
/edited for clarity