Petersons is hosting an interesting 2008 college scholarship contest that centers around YouTube videos. Basically, they are asking college students to submit YouTube videos, and the best video wins the grand prize $5000 scholarship. The only requirement seems to be that you have to use the video to tell the world "what makes you special". Seems easy enough.
If you’re used to filling out pages and pages of paperwork for scholarship, this might be a nice relief. You just grab a video camera and be creative. You can see some examples of videos already entered here: http://blog.petersons.com/ and if you want to enter, the rules and submission form are here: http://www.petersons.com