Isn't this a little ironic, given that Steve dropped out of college in his first year? (Granted, he grew up in a very different environment than the targets of this program.)
Not everyone is Steve Jobs, and not everyone should skip or drop out of college.
(Argue all you want about effectiveness, cost and availability, but, it provides a service to some that is deemed worth the time, money and effort. And that is basically the bottom line.)
It probably make the most sense to donate the 500k to liver transplant organizations, seeing how Steve was involved in that towards the end of his life.
And yes, it is more than a little ironic someone would donate money to colleges in honor of a college dropout.