If you want your char to lose everything, make him play major sports, like football and basketball. The reason is these are called "head count" sports--one head, one scholarship. For most other sports, he probably won't get a "full ride scholarship." He'll share with other athletes one scholarship. Chances are he'll need to be offered academic scholarship as well or sell his mother to go to college.
If the guy can't play again, like Kelsey suggested, he'll lose the sports scholarship. However I don't know if the academic part will also be dropped (I guess not but uncertain.) Therefore to make things simple, make him start big and end up nothing.
Check out NCAA.com and collegesportsscholarships.com if you need further (and accurate) information.