Florida's Bright Futures program is one of the nation's largest merit-based scholarship initiatives. This study used high school transcript and college enrollment data to examine the program's impact on high school course-taking patterns, school grades, college entrance exam scores, and rates of college attendance over time. The study indicates that the program has contributed to educational improvements by encouraging high school students to take academically challenging courses and attend college in the state, with low-income and minority students showing the largest improvements. (Contains 6 tables.)