A biographical summary (Wikipedia) which I've seen corroborated elsewhere:
Ayers grew up in Glen Ellyn, a suburb of Chicago, Illinois. He attended public schools there until his second year in high school, when he transferred to Lake Forest Academy, a small prep school.[4] Ayers earned a B.A. from the University of Michigan in American Studies in 1968. (His father, mother and older brother had preceded him there.)[4] He is the son of Thomas G. Ayers, former Chairman and CEO of Commonwealth Edison[5] (1973 to 1980), a Chicago philanthropist for whom the Thomas G. Ayers College of Commerce and Industry was named.