Offering scolarships to get .EDU backlinks - stil working?

Hi, I know it's an easy way to get backlinks, for example, like here: http://spu.edu/student-financial-services/grants-and-scholarships/scholarships/outside-scholarships

They are linking to a lot of websites offering scholarships. looks like a lot of commercial sites are offering scholarships just to get links.
What do you think of that? How does it look in the eyes of google?

I would go for contextual edu instead. Let me know if you want the list. I have it.

It's much harder that way, no?

Its no working and you can get on your heads FBI if you used this method in USA.I heard that they start to check all and prosecute criminal for scam.