FLORIDA’S BRIGHT FUTURES SCHOLARSHIP PROGRAM: Measuring the Program’s Effectiveness, Success, and Comparison to Other Grants & Scholarships

Abstract

Florida implemented the Bright Futures scholarship program in 1997 in hopes of providing financial aid based solely off of merit to high school graduates for postsecondary schooling. In this paper, we analyze the magnitude of the effect of the program on college graduation rate percentages and how this particular merit aid program in Florida compares to other grants and scholarships. Collecting data from the years 2007 – 2011, we estimate the effects of different scholarships and grants on college graduation rates in the states of Florida, North Carolina, and Texas using cross-sectional panel data and running simple regressions. Bright Futures effect on graduation rates is insignificant at the college and state level, and the magnitude of its effect is far less than national and institutional need-based grants. Implications of this research and its findings are discussed as to how Florida should address its Bright Futures scholarship program and how it possibly can effectively improve it.