Calhoun Megargee was born in Philadelphia in 1854, the son of Samuel Megargee and Margaret C. Naglee. He entered the University of Pennsylvania in the fall of 1871 as a member of the Class of 1875.
While a student in the College, Megargee was a member of the Philomathean Society, Delta Psi fraternity, the College Musical Association, and the University Athletic Association. He was a vice president of his class in his freshman year and class president in his sophomore year. As an athlete, he was a member of his freshman class cricket team and a founding member of the University Athletic Association. His primary sport was rowing. Not only was he stroke on his class crews and on the University’s eight and four-oared crews, Megargee was also a key founder of the College Boat Club. He served as the club’s president from its 1872 founding until 1879, the year after his graduation from Penn’s Medical School.
Megargee left the College during his senior year, but returned for studies in the Penn Medical School. His medical thesis received an honorable mention at his 1878 graduation from medical school.
Megargee married Mary Bourke. They lived at 2047 Walnut Street, along with his mother and one servant, before his early death on July 30, 1880, in Philadelphia. Their son Calhoun Megargee was born April 4, 1881, in Philadelphia.