We investigate factors influencing student sign-ups for Washington State's College Bound Scholarship (CBS) program. We find a substantial share of eligible middle school students fail to sign the CBS, forgoing college financial aid. Student characteristics associated with signing the scholarship parallel characteristics of low-income students who attend 4-year colleges. Simulations suggest the program may address college enrollment gaps, increasing college-going by some disadvantaged groups, it also would reinforce inequalities in college-going that exist between sub-groups of low-income students. Finally, student sign-up rates are lower than has been previously reported. Importantly, we find a perception among program administrators that nearly all eligible students sign up, which shifts attention away from sign-ups to encouraging pledgees to follow through with program requirements. Principal/Guidance Counselor Interview Questions are appended.