Jeff Yass, Pennsylvania’s richest man and a Trump megadonor, is funding scholarships for students impacted by the School District of Philadelphia’s recently approved plan to close 17 schools.

Any family with a child who will be entering first through 12th grade in the fall at one of the 17 public schools on the closure list can apply for as much as $8,000 a year, mostly or fully offsetting tuition. The scholarship can be applied only to private schools approved by the Yass Prize and remains in effect through the student’s high school graduation.

It’s a commitment of up to $4 million annually from the Yass family, who created the prize to reward institutions for educational innovation.

“I have spent years working alongside families and educators who refuse to give up on children,” Janine Yass, Jeff’s wife, said in a statement. “These children impacted by the school closures deserve stability, a school that believes in them, and an opportunity to succeed with a quality education.”

The program, called the Opportunity Knocks Scholarship, began accepting applications Wednesday, May 13, less than two weeks after the Board of Education adopted the school district’s controversial facilities master plan, dubbed Accelerating Opportunity.

“That’s the geniusness and the generosity of Jeff and Janine,” said Yass Prize director Caroline Allen, who is heading up the scholarship initiative, in an interview with Metro. “They pivot really quickly, and they go where the need is.”

Pushing privatization?

However, the grants could be seen as an attempt to siphon students away from Philadelphia public schools, which could weaken the district’s enrollment and drive further consolidation.

Yass is viewed — rightly or wrongly — as a boogeyman by the city’s progressive organizers. He has spent millions on efforts to introduce school vouchers in Pennsylvania. Teachers’ unions and public education advocates vehemently oppose such government programs, arguing that they suck resources out of public schools.

“This isn’t charity,” said Aly Shaw, a researcher and member of the All Eyes on Yass coalition, which seeks to bring awareness to Yass’s influence. “This is disaster capitalism: manufacture a crisis, then exploit it for your own gain. Yass’s ultimate goal is to eliminate public schools. The real solution to saving education is taxing billionaires like Jeff Yass and closing the multi-billion dollar education funding gap in PA.”

In a rare interview, Yass told the Washington Post in December that he believes supporting vouchers and other policies under the ‘school choice’ banner are “a great way to relieve the suffering of tens of millions of kids.”

School district officials referred questions about the scholarships to the Board of Education. A BOE representative did not respond to a request for comment.

Who is Jeff Yass?

Yass, who lives on the Main Line, co-founded Susquehanna International Group, a Wall Street firm that has a substantial stake in TikTok. Forbes places his net worth at north of $67 billion, ranking him as among the 30 wealthiest individuals in the world.

He has frequently donated to Republican candidates; last year, Yass contributed $16 million to MAGA Inc., President Donald Trump’s political action committee.

“The most important thing that we always come back to is giving families and students more options,” Allen said. “They shouldn’t have to wait for their school to close or to be reassigned to another school that might not work for their student. So this is a really exceptional opportunity for students and families, no matter who is funding it.”

How do the scholarships work? 

Allen explained that the Opportunity Knocks scholarships can be used at 16 schools in the Philadelphia region, and a new release highlights the inclusion of Liguori Academy, a high school in Kensington.

However, Yass Prize officials are not publicly releasing the full list of eligible private institutions, Allen said, adding that all participating schools have been vetted by the organization. The Yass Prize has previously honored Father Judge High School, St. Francis de Sales School and Independence Mission Schools, according to its website.

“The only families that need access to that information are the families who are going through that process, and they’ll very quickly be able to see the list of schools,” Allen said.

Scholarships will kick in for the start of the 2026-27 academic term, even though district leaders have said no closures will go into effect until the following school year, at the earliest.

Interested parents and caregivers can apply at OKPhilly.org. Grants will be given on a first-come, first-served basis, and there are no income requirements. Applicants will need to provide a report card or other proof of their child’s enrollment.

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Keywords

Jeff Yass,

Philadelphia school closures,

School District of Philadelphia,

school choice,

Opportunity Knocks Scholarship,

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Yass Prize,

Board of Education,

private schools,

education funding