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Scholarship Supports Day-School Costs
The scholarship will offer three families a reduced tuition -- at either the school's Wynnewood or Elkins Park branches -- by subsidizing 25 percent of the tuition per child, which increases to a 33 percent discount for other children in the same family.
The scholarship is not available to current students.
In fact, it's only available to families from Har Zion Temple -- where Maggerman is a member -- who plan to send their children to kindergarten or grades one or two at Perelman, said Shira Wohlberg, director of admissions at Perelman.
The aid will continue through middle school.
The endowment will start with $250,000, said Maggerman, who hopes to raise additional money so that more families can benefit from the fund.
The only other stipulation is that the family's income be between $150,000 and $300,000 per year.
The $150,000 mark was chosen because it falls in the range where "many families will begin phasing out" of the ability to receive financial aid, explained Stuart Rudoler, vice president of Perelman. He noted, however, that there is no formal cap, since families are examined on a case-by-case basis, and those with multiple children or special circumstances may be able to receive financial assistance if they make above $150,000.
"I wanted to pick up where [the school] left off," said Maggerman, who worked for a while at a hedge fund, and now teaches electrical engineering and computational finance at the University of Pennsylvania.
"He wanted to reach out to a particular population that would not benefit from our financial-aid process," said Wohlberg.
"I'm just trying to provide an incentive system to make it easier for parents to give appropriate priority to Jewish day school," said Maggerman.
Maggerman noted that he hopes to add a fourth or fifth family to the list of scholarship recipients within the next few years.