Overview of the HOPE Scholarship in Tennessee
September 2023
Author: Lance Iverson
Twenty years after the creation of the Tennessee Lottery, the HOPE Scholarship remains the largest expenditure for lottery-funded scholarships. The scholarship accounted for 73.6 percent of the $427.1 million in Lottery for Education Account expenditures in fiscal year 2022-2023.
The legislative brief describes the HOPE Scholarship and identifies trends in participation, expenditures, and other measures over the past two decades. Since the initial HOPE Scholarship amounts were established in 2003, the General Assembly has increased the award amount five times.
A policy option for the State Funding Board is also included. The board could encourage or require the Tennessee Sports Wagering Council to provide the board with future revenue projections. Such projections would help the board better understand how increasing revenues from sports wagering are impacting funding for scholarships.