Bangladesh as one of the South Asian countries has been striving to develop a comprehensive education policy since its independence but failed to formulate such policy that could contribute to the development of the economy. The basic problem of primary and secondary level is poor enrolment and low retention rate in the school. To combat with this problem government of Bangladesh has been undertaking myriad policies and programs. Among such policies Female Secondary Stipend Program (FSSP), Food For Education Program (FFEP) and Free Text Book Distribution Program to the students of primary and secondary level are some innovative and better contributing policy interventions in the field of female education in Bangladesh. All these policy interventions are purported with the pivotal motto of reducing drop rate and increasing enrollment rate in the secondary education. All these policies are currently in operation except the Food for Education Program which has transformed into a cash transfer program very recently. Based on the policy problem of reducing dropout rate of the secondary female students in the school, the above policies on FFEP, FTBDP and FSSP were chosen as three policy alternatives taking FSSP as status quo with a view to measuring efficacy of these policies employing the cost effectiveness analysis method apprising their relative worth in reducing dropout of female students in the secondary level calculating the base year 1994 and analyzing up to 2015 years data and thereafter to suggest the best policy option for the government of Bangladesh.