Various models for funding special education services have been described in the literature. This paper aims at moving the debate concerning special education funding reform beyond the descriptive level by reviewing studies that investigated the impact of various models for funding special education. Systematic searches were conducted of ERIC and PsycINFO to identify studies that investigated the impact, implications, or outcome of one or more special education funding models. Ten studies were identified covering five major funding models. The results showed that the funding reforms investigated in these studies each had associated benefits, but also potential detriments. However, these studies mainly involved indirect outcome measures, often failed to fully assess impact on academic achievement or cost-effectiveness. Results highlight the need for additional research on the impact of special education funding reform.