\nAs the School District of Philadelphia prepares to close 17 schools starting next year, Pennsylvania\u2019s richest man has pledged to fund private school scholarships for hundreds of students who are affected by the decision.\n<\/p>\n
The Yass Prize, an initiative created by GOP megadonor and billionaire Jeffrey Yass and his wife, Janine, last week launched the Opportunity Knocks program, which will offer $8,000 annually to 500 students from the schools slated for closure. The scholarship will fund all costs associated with attending one of 16 private schools in the area that have been vetted by the organization.\n<\/p>\n
MORE:\u00a0Two Philly charter schools were recommended for nonrenewal. Here\u2019s what happens next<\/a><\/p>\n \nCaroline Allen, founding director of the Yass Prize, said the scholarship was founded as a way to give impacted families a choice in their child\u2019s next educational step.\n<\/p>\n \n\u201cWe\u2019re seeing that 17 of these public schools are closing because families are leaving them,\u201d she said. \u201cIt\u2019s 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.\u201d\n<\/p>\n \nStudents entering first through 12th grades who are currently attending one of the 17 public schools slated for closure<\/a> will be eligible to apply. Applications can be submitted online<\/a> and will be reviewed on a rolling basis.\u00a0Recipients would need to agree to attend one of the\u00a0Yass Prize-approved schools<\/a>\u00a0\u2014 which\u00a0are all Catholic institutions except Liguori Academy in Kensington.<\/p>\n \n\u201cFamilies navigating a school closure are already carrying a lot,\u201d Michael Marrone, founder and executive director of Liguori Academy, said in a statement. \u201cThe last thing they need is uncertainty about what comes next.\u201d\n<\/p>\n \nA representative with the School District of Philadelphia did not respond to a request for comment.\n<\/p>\n Forbes estimates<\/a>\u00a0Yass, who co-founded Bala Cynwyd-based investment firm Susquehanna International Group, to be worth over $67 billion, making him one of the richest people in the world. He has been a vocal critic of the country\u2019s public school system, which he told the Washington Post is failing<\/a> millions of children.<\/p>\n Since its founding in 2021, the Yass Prize has donated millions to educational institutions around the country through its partner, the Center for Educational Reform, a policy organization that advocates for school choice and voucher programs.<\/p>\n \nOver the years, Yass has donated millions to Republican candidates who support the promotion of school choice \u2014 the concept of allowing families to use taxpayer dollars to attend schools other than their designated public institutions.\u00a0<\/p>\n His passion for the topic has turned him from skeptic to supporter of President Donald Trump, who he called a \u201ctrue champion\u201d of school choice after donating at least $2.5 million<\/a> to his proposed White House ballroom.<\/p>\n