An increasingly prevalent type of program designed to address college attainment gaps are state-based financial aid programs that offer low-income middle school students a promise of funding for college in exchange for making a pledge to do well in high school, be a good citizen and not be convicted of a felony, and apply for financial aid to college. Using a difference-in-differences specification, we estimate the effects of Washington State's College Bound Scholarship Program on high school grades, whether students graduate from high school, and incarceration in state prison during high school or during early adulthood. We find evidence that eligible students' high school grade point averages fell by 0.01 (from a pre-policy base of 2.38) and that the likelihood of being incarcerated fell by 0.1 percentage points (from a pre-policy base of 0.3 percentage points). These findings are robust to falsification exercises. Eligible students also experienced an increase in their rate of on-time high school graduation, but falsification tests show that this result is not due to the program, but rather due to broader secular improvement in graduation rates for disadvantaged youth.