The purpose of this analysis is to generate, and then evaluate in comparison to other reforms, a competition-based education reform, while providing states with lasting fiscal benefits that continue beyond the life of stimulus funds. The study examines the impact the proposed tuition scholarship program would have on current public and private school enrollments in each state, and calculates the annual fiscal impact on states after stimulus funding is removed and states assume financial responsibility for the program. Finally, the discussion highlights some of the design features and key variables states could use to maximize fiscal benefits and achieve a variety of different educational and equity objectives.