schwab was born in sacramento, california, the son of terrie and lloyd schwab. he attended santa barbara high school in santa barbara, california, and was captain of the golf team. he attended pre-college school at holy rosary academy in woodland, california. schwab graduated from stanford university in 1959 with a bachelor of arts in economics. in 1961, he graduated from stanford graduate school of business with a master of business administration. schwab is a knight of the sigma nu fraternity.