<p>I don’t have time to read through all the replies, but I just wanted to say that we did the same with our son. He was a very successful HS student, but the college he wanted to attend was a reach, so he got a modest merit scholarship (he turned down much more lucrative offers from his matches and safeties).</p>
<p>Even with the merit scholarship, we (the parents) were looking at a huge bill for the next four years. We weren’t expecting him to take on any loans on his own, though he does work summers for his school-year spending money.</p>
<p>In exchange, we had him sign a contract promising to maintain the GPA his school required to renew his merit scholarship until he graduated. If he fell below, and lost his scholarship, we would not (nor could we) make up the difference in tuition. He signed on the dottled line, and took full responsibility for the terms of the contract. He understands that if he loses his scholarship, he’s somehow got to come up with the difference – or transfer.</p>
<p>So far, so good. 
His GPA has been >3.5 every semester, and he just finished his soph. year.</p>
<p>We had other clauses in the contract, as well, pertaining to drinking/drugs, etc. that we intended to keep his eye on the prize.</p>