Student Freedom Initiative

About Student Freedom Initiative

Student Freedom Initiative (SFI) is a 501(c)3 single-purpose nonprofit organization that provides a catalyst for freedom in professional and life choices for students attending Historically Black Colleges and Universities (HBCUs), other Minority Serving Institutions (MSIs) and Tribal Colleges and Universities (TCUs). SFI works to increase students’ social and economic mobility using a student-centric, evidence-based, holistic and collaborative approach.

SFI includes exclusive programming features that are open to select students at participating universities. The idea behind SFI is to holistically support students through their academic lives and into their chosen STEM professions. Some of the components of SFI include:

After providing the gift of financial freedom to the Morehouse College graduating class of 2019, Robert F. Smith, the Founder, Chairman and CEO of Vista Equity Partners, knew something had to be done to alleviate the severe effects of the student debt crisis for more students. With an entrepreneurial mindset and a passion for providing access to equal opportunities in education, Smith enlisted higher education experts to help him bring SFI to life.

As a devoted philanthropist, Smith wanted to change the narrative of how Black students face student loan debt. Rather than view student loans as a barrier to entry for attendance, Smith wanted to create an opportunity for success. SFI is a way of addressing this grave issue while also creating a new sense of hope for the future of students pursuing STEM degrees.

Smith and Fund II Foundation, of which Smith is the founding director and President, both put forth $50 million individually to help launch SFI. Now, Smith serves as Chairman of SFI and continues to help advocate for students attending HBCUs, other MSIs and TCUs.

The SFLA, through Student Freedom Fund (SFF), offers a groundbreaking approach to funding education. Students can receive up to $20,000 annually toward academic endeavors. The SFLA stands out for its accessibility, allowing students to apply without a co-signer or credit check.

This option provides:

• No origination fee
• A low, fixed interest rate
• Interest with no capitalization
• No payments required during school
• An option to defer 12 monthly payments (and pay $0 those months)
• $0 payment when income is less than 300% of the Federal Poverty Level ($45,180 in
• 2024)

Debt forgiveness begins in the sixth year when income is below the income threshold.

The SFLA serves as an alternative option to other private loans that can impact students’ post-graduate career choices and should be considered just one part of a student’s overall financial aid package. It is not intended to replace any state or institutional aid or any federal grants, work-study or direct subsidized and unsubsidized loans.

Rather, the SFLA is available to cover a student’s remaining cost of attendance after those other aid sources are considered, serving as a potential alternative to other private education loans and Parent PLUS loans. Students should work with their financial aid office to explore all options. The SFLA may not be the best choice for every student’s particular needs.

To learn more about the SFLA and review the Application and Solicitation Disclosure, please visit SFI’s website.

To be eligible for the SFLA, a student must meet all the following criteria immediately prior to the disbursement of funds:

• Complete a free application for Federal Student Aid (FAFSA) or an acceptable state alternative
• Have a valid social security number
• Be a sophomore, junior or senior for the school year being funded
• Be majority age or older
• Be working towards a degree in an approved STEM major or an approved STEM certificate program (For students with non-eligible majors, SFLA funds can cover costs for those courses associated with eligible STEM certificates.)
• Be enrolled at least half-time for the coming academic year (An exception is available if the student can complete their degree within one year with less than half-time coursework required for degree completion in the final year.)
• Meet Satisfactory Academic Progress (SAP) as defined by the student’s school

International and foreign exchange students authorized to enter the U.S. on a non-immigrant visa are not eligible for the funding option.

Please visit SFI’s Partners page to see which STEM majors are eligible.

For additional information, contact Bennett College’s financial aid office.

Note: Bennett College does not endorse SFI’s SFLA as an alternative to Parent Plus and other private education loan products. Bennett College is not affiliated with SFI or Student Freedom Fund, LLC.

internXL is a platform that brings precision, diversity, inclusion and efficiency to the internship hiring process for top companies across the U.S. Thanks to its partnership with internXL, SFI is able to offer students at participating institutions access to nationwide paid internships with leading Fortune 500 companies.

The Handling Everyday Life Problems for Students (HELPS) Program provides grants to eligible students to support an emergency. An emergency is defined as an unexpected, one-time expense, associated with the immediate risk to health, life, property or student’s environment that requires urgent attention to prevent the worsening of the situation or further instability of the student’s situation.

The development and implementation of SFI programming is made possible through the support of organizations and individuals who lend their expertise, time and resources to create pathways to success for students. The contributions of SFI donors are critical to supporting their mission of increasing the social and economic mobility of HBCU, other MSI and TCU students.

Learn more about SFI and how it is helping students across the country by connecting with the organization on LinkedIn, X, Instagram and Facebook.