PHILADELPHIA (CBS) – Thousands of Philadelphia families will find out Monday night if they will receive one of hundreds of scholarships to private schools.

It’s Lottery Day for the Children’s Scholarship Fund in Philadelphia, which is the largest provider of needs-based scholarships in Pennsylvania.

“This is our tenth anniversary of awarding these K-8 scholarships,” said Ina Lipman, Executive Director of Children’s Scholarship Fund Philadelphia. “We have had over 95,000 qualified applications for about 7,700 awards. So, the demand in this city is great.”

About 8,000 families have applied for 750 four-year scholarships, which are awarded by lottery.

Monday night, the winners will be called by the Fund’s scholars, board members and donors from the trading floor of Boenning and Scattergood, a local investment, asset management and securities firm.  

Reported by Karin Phillips, KYW Newsradio