I would argue that rather than being no stimulus, this is the very best type of stimulus. This money would go immediately to consumption spending and would also be an inexpensive way to keep unemployment down (working age adults that take this money and enroll in college would stay out of the labor market - not the same as job creation but limiting the supply of job seekers helps those left in the labor market). As a bonus it is a huge investment in the nation's human capital and thus its long term growth prospects, more important and more long-lasting than infrastructure. Money spent on college will translate into jobs in academics so I see no reason to expect the multiplier to be lower in this area then in infrastructure.
I am not really sure why this reporter doesn't think college scholarships is stimulating - after all, think of all the stimulated minds that will eventually drive the economy forward.
