Children’s Scholarship Fund to Award $50 Million in Scholarships
The New York City-based Children's Scholarship Fund has announced that it will offer $50 million in partial scholarships to underprivileged children this fall, the New York Times reports.
The gift from CSF co-founder Theodore J. Forstmann is designed to help fill 7,500 empty spots in New York City's private and parochial schools. Forstmann, a billionaire who made his fortune from leveraged buyouts in the '80s, believes that a "government monopoly" in elementary and secondary education has stifled competition and innovation in public education and disenfranchised parents in the process.
"Who should be in charge of the education of a child — the parent or the government?" asked Forstmann in an interview with the Times. "Certainly most of the parents in America would say, 'Of course, it should be me.' But if they can't pick the school, they can't pick the subjects, and they can't pick who teaches the subjects, then you please tell me what they are in charge of."
The Children's Scholarship Fund was created in 1997 by Forstmann and John T. Walton, son of Wal-Mart founder Sam Walton, after both men donated $50 million to start the fund and then raised $80 million in additional donations — money that is being used to help fund four years of private or parochial school for 40,000 children from low-income families around the country. Participating families — more than 1,900 in New York City alone — are selected lottery-style from a pool of applicants and are required to contribute roughly $1,000 annually toward tuition.
FCnote: The Children's Scholarship Fund (NY) had assets of $4,614,655 and made grants totaling $1,910,979 in the year ending 08/31/98.
Wyatt, Edward. "Charity Offers Scholarships to 7,500 More." New York Times 05/20/2000
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