Billionaire to give hundreds of private school scholarships to Philadelphia kids as public schools shutter

Philadelphia families facing public school closures will soon have help sending their children to private school.

The Yass Prize, created by billionaire Jeffrey Yass and his wife, Janine, launched the Opportunity Knocks program last week. The program will offer 500 students $8,000 a year to attend private schools in the Philadelphia area.

Students may use the money at 16 schools approved by the Yass Prize. All but one are Catholic schools. Liguori Academy in Kensington is the only non-Catholic school on the list.

Caroline Allen, founding director of the Yass Prize, said the closures show families need more choices.

“We’re seeing that 17 of these public schools are closing because families are leaving them,” Allen told PhillyVoice. “It’s a real opportunity for us to give some really important options to families in Philadelphia who deserve not only an excellent education, but a really stable one.”

Pennsylvania has been a battleground state for school choice. It offers small programs for low-income students and those trapped in failing schools but has not passed broader school choice, despite battles in the Legislature. 

Students entering grades 1-12 can apply for the Yass program if they attend one of the schools the district plans to close. Families may apply online, and the program will review applications as they are submitted.

Michael Marrone, founder and executive director of Liguori Academy, said families facing school closures need clear answers.

“Families navigating a school closure are already carrying a lot,” Marrone said. “The last thing they need is uncertainty about what comes next.”

Yass co-founded Susquehanna International Group, an investment firm in Bala Cynwyd, Pennsylvania. Forbes estimates his net worth at more than $67 billion.

Yass has spent millions supporting school choice, including through a partnership with the Center for Educational Reform, which backs public and private school choice programs.

Pennsylvania gives donors to scholarship programs tax credits worth up to 90% of their contributions.

Allen said parents should have a say in where their children attend school.

“We want to give students in all of the states and communities that we serve options because we believe that a parent best knows what’s going to be the best school for their kid,” Allen said.

The district’s plan will force many families to find a new school. The Yass Prize program gives some of them another option, including access to Catholic schools that may offer more safety and stability than the schools they leave behind.

The program also allows low-income families to choose schools reflecting their values, not just the school district’s plan.

Yass Prize seeks applicants

The Yass Prize also holds an annual $1 million contest for “the most transformational, sustainable, and outstanding education models in America.”

The application window closes June 1. Past winners range from innovative public school models to private networks, charter schools, microschools, and career and technical programs. Both religious and secular schools can apply.

“Year after year, the organizations that have moved quickly to the top are the ones who almost didn’t apply,” Allen said in a release. “If you’re doing extraordinary work for kids, this prize was built for you.”

A spokesman said the contest is especially seeking applicants from underrepresented states, including Utah, Iowa, Montana, Wyoming and the northern New England states.