Shays grew up in Darien, Connecticut, attended Principia College in Elsah, Illinois, and received an MBA and MPA from New York University.
In 1962, he received his undergraduate degree from Principia College in Elsah, IL.
Principia College Historic District, at Principia College, near the village of Elsah, Illinois, is a site significant for being the final phase of Bernard Maybeck's career as a designer of houses and public buildings.