No. The Life Scholarship Guidelines states:

• You must earn an average of 30 credit hours for each academic year (fall, spring, summer) equaling a minimum of 30 credit hours if a rising second-year student, 60 credit hours if a rising third-year student or 90 credit hours if a rising fourth-year student.
• Any credit hours earned before high school graduation, hours exempted by examination and advanced placement credit approved by the institution as academic credit will be used toward the credit hour requirement.

The Palmetto is similar.

For all the details see the Palmetto Fellows Renewal Requirements  or the Life Scholarship Renewal Requirements pages.

We always recommend confirming any scholarship questions with the Financial Aid office.