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Our program evaluation research focuses on the efficacy of the Tennessee Education Savings Account (ESA) program’s participating school characteristics and other policy-controlled factors as they may relate to student performance on state achievement tests (TCAP). Alongside reported parent satisfaction, TCAP results have been used in state policy conversations regarding the efficacy of the program. We find that schools with waitlists and larger student populations have better proficiency scores for participating schools; other characteristics have no or negative relationships to proficiency. Additional data will be received this fall to add dimensions on student access and equity characteristics. Outcomes may serve to inform policy changes to make the program a more efficient use of taxpayer dollars.