Despite increased attention paid to the advent and development of state merit scholarship policies (such as Georgia's Helping Outstanding Pupils Educationally) and some evidence that suggests differences in scholarship retention by socioeconomic status or other student characteristics, little empirical work has explored factors affecting scholarship retention. Moreover, no work has explored what affects the timing of scholarship loss. This study employs event history modeling to ascertain not only what factors impact students' retention of the West Virginia PROMISE Scholarship but also when these factors are most influential.