The Bright Futures Scholarship (BFS), Florida's lottery-funded, merit-based scholarship program, has been a source of both praise and criticism since its 1997 inception. Proponents of the scholarship assert the program has achieved the desired goals of making college more affordable for state residents and encouraging the brightest students to attend in-state colleges. Conversely, the BFS program has drawn heavy criticism for providing minority and low-income students with disproportionately fewer scholarships than Whites and high-income students who could have afforded college without the state's financial support. This policy analysis explores four alternatives for Florida policymakers to consider when reexamining the current structure of the BFS program: (1) maintain the status quo; (2) implement flat-rate award amounts; (3) introduce a "blended" program that provides both merit and need based aid; and (4) transform the BFS into a predominately need-based aid program. All four policy alternatives are evaluated based on the policy goals of cost efficiency, distribution equity, and political feasibility. (Contains 4 tables and 1 footnote.)