Students must achieve a minimum cumulative GPA of 3.50 in 15 credits of college preparatory courses and have attained the score established by the state legislature on the SAT or ACT.

To renew the scholarship, students must maintain a minimum cumulative GPA of 3.00. If students fail to achieve a 3.00 GPA in college, but achieve a minimum 2.75 GPA, they will automatically be transferred to the Florida Merit Scholars Award level for the remainder of their college career. There is a one-time restoration option.

The award is 100% of tuition and fees based on the average tuition and fees in the state university and community college system and $600 annually (prorated, if part-time) for college-related expenses. The award may cover up to 45 trimester credit hours per academic year. Summer tuition and fees may be covered if funds are available and the student has not completed 45 trimester credit hours during the first two trimesters. Students may use the scholarship for up to 132 trimester credit hours to complete an undergraduate degree.

The top Academic Scholar award recipient in each school district will receive an additional $1,500 award annually (while the student is an Academic Scholar) for college-related expenses.