The Tech Valley Scholars (TVS) program included 38 students who joined this program over the course of three academic years, from 2009 to 2012. These students comprise the experimental group for this study to determine if participating in the NSF-funded Tech Valley Scholars program improved academic outcomes. The experimental group was compared to a randomly selected control group of STEM majors, as well as a matched set. The TVS group had significantly higher persistence rates and final cumulative GPAs than both control groups. Additionally the data gathered provides evidence that unmet financial need is an important non-retention risk factor that, when mitigated, results in enhanced academic success. Recommendations for effective and efficient allocation of scholarship funds are given and future statistical studies are recommended.