There is growing concern in the U.S. that the nation is producing too few college graduates in science, technology, engineering, and mathematics (STEM) fields and there is a desire to understand how various policies affect college major decisions. This paper uses student administrative records from the University System of Georgia to examine whether Georgia’s HOPE Scholarship has affected students’ college major decisions, with a focus on STEM majors. We find consistent evidence that HOPE reduced the likelihood that a USG student earned a degree with a major in a STEM field. We discuss and test a number of explanations for why this occurred.