Good idea in principal but as stated how do you find your needy cause.
I do not see how age should come into it many older people are strapped for cash at the moment why should they be ruled out.
Yes you have my support but the vetting process needs to be run properly.
Is their a junior membership and senior membership at the moment?
Proof of Age:
chess.com should ask for proof of age, and scholarship should only go to 25 years or under.
Proof of Ability:
chess.com should ask for FIDE or some sort of country rating or proof of his/her ability to play chess (school/college awards or similar or statement from local notary public)