Student Freedom Initiative: Empowering STEM Students at Minority Serving Institutions

The Student Freedom Initiative (SFI) is a single-purpose nonprofit organization dedicated to fostering freedom in professional and life choices for students attending Minority Serving Institutions (MSIs). It achieves this by enhancing their social and economic mobility through a student-centric, evidence-based, holistic, and collaborative approach.

Addressing the Burden of Student Loan Debt

The initiative was envisioned by Robert F. Smith, Founder, Chairman, and CEO of Vista Equity Partners, after his commencement address at Morehouse College. Smith's goal was to address the student loan debt that often disproportionately burdens African American students. Inspired by resolving over $34 million in student loan debt for the 2019 graduating class of Morehouse College, Smith gathered a team of experts from leading HBCUs and the finance industry to analyze the issue, ultimately launching SFI.

A "Pay It Forward" Program

The Student Freedom Initiative is designed to be a “pay it forward” program, going beyond providing a traditional income-contingent funding alternative. The nonprofit public charity has received significant funding, including Smith’s personal gift of $50 million and an initial donation of $50 million from the Fund II Foundation, a charitable organization committed to advancing social change, where Smith is a founding director and President.

Focus on STEM Fields

Initially, the program focuses on students majoring in Science, Technology, Engineering, and Mathematics (STEM) fields at Historically Black Colleges and Universities (HBCUs), with the intention of expanding over time to include other MSIs and TCUs. At institutions like Jackson State University (JSU), students have access to tools to help them succeed academically and professionally.

The Student Freedom Loan Agreement (SFLA)

SFI’s subsidiary, Student Freedom Fund (SFF), offers a groundbreaking approach to funding education specifically designed for STEM majors at HBCUs, other MSIs and TCUs - the Student Freedom Loan Agreement (SFLA). Qualified STEM majors at JSU can subsidize their educational expenses with the income-contingent funding alternative to traditional private education loan options. Students who meet the application criteria may apply for financial assistance through a Student Freedom Agreement. The agreement can cover up to $20,000 per academic year of a student’s remaining costs of college attendance as an alternative to Parent PLUS loans and other private student loans.

The SFLA provides up to $20,000 each year to support the academic pursuits of students. Students who participate in the SFLA will receive up to $20,000 annually toward their academic endeavors. Once committed to the SFLA, students will pledge to pay back into the program after they graduate college. Graduates who benefited from the program while in college will make fixed payments for a certain period, with the payments based on income. Payment amounts may rise and fall throughout the payment period, as they are income-contingent, and participants will only be asked to make monthly payments.

How the Student Freedom Agreement Works

Under the Student Freedom Agreement, students who accept the funding will pledge to make monthly payments once they graduate from college for a maximum of 20 years. The amount being paid back to the program is income-based and will rise and fall based on a participant’s earnings. Students must agree to make monthly payments after graduation for up to 20 years. The amount being paid back to the program is income-based and will rise and fall based on a participant’s earnings.

Integration with Existing Financial Aid

The SFLA is not intended to replace other forms of scholarships or financial aid, including state or aid from institutions, or any work-study programs or Federal Subsidized or Unsubsidized loans. Instead, a SFLA is available to cover a student’s remaining cost of attendance after those other aid sources are considered, as a potential alternative to other private education loans and the Parent PLUS Loan. The Student Freedom Agreement is a private education loan that should be viewed as just a part of a student’s overall financial aid package. This loan is not intended to displace any other funding opportunities including federal grants, institutional aid, work-study, Direct Subsidized and Unsubsidized loans. Rather, this loan is intended to provide assistance to help cover remaining balances for educational-related expenses after all other forms of financial assistance have been considered.

It is important to keep in mind that SFLA should be considered just one part of a student’s overall financial aid package. The SFLA can cover a student’s remaining cost of attendance after other aid sources are considered - and is a potential alternative to other private education loans and the Parent PLUS Loan. It is not intended to replace any state or institutional aid, federal grants, work study program, and Direct Subsidized or Unsubsidized loans.

Students should work with their financial aid counselor to explore all options. Students of Xavier University of Louisiana should consult their financial aid counselors better to understand the Agreement and other financial aid alternatives. With this in mind, students should work with their financial aid counselors to better understand the terms of the SFLA and all loan options. Students are encouraged to compare the services and products provided by organizations and choose options that best suit their individual needs. Prospective borrowers may qualify for Federal Student Aid (FSA) loans or other assistance from the FSA programs.

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Institutional Perspective

Note: Participating institutions like Morehouse College, Bowie State University and JSU do not endorse SFI’s SFLA as an alternative to Parent Plus and other private education loan products. Bowie State University does not endorse Student Freedom Initiative’s Income Contingent Alternative to Parent Plus and other private education loans product.

Student Support Services

Student Freedom Initiative student support services, such as mentioning, internships and tutoring, will be open to all students at Xavier University of Louisiana regardless of undergraduate standings. The program also provides resources and tools to students of all majors to gain the skills to aid the education process and build confidence to pursue personal and professional goals. Student Freedom Initiative collaborates with participating schools, corporate partners and community-based organizations that provide students with a variety of career resources. These include specialized comprehensive support services to help students create career goals.

internXL Partnership

Student Freedom Initiative and internXL allows participating institutions to offer the internship platform to their qualified students. The platform is specifically designed to match students with Fortune 500 companies that fit their interests and are aligned with their career goals. In addition to this, students will receive valuable hands-on job experience all while growing their professional skills and network. To register, please visit internXL.

internXL is a dynamic internship platform that connects students to unique internship opportunities with corporations across the country. With a goal of bringing together precision, diversity, inclusion and efficiency to the hiring process of college students. internXL internXL is a dynamic internship platform that connects students to unique internship opportunities with corporations across the country. With a goal of bringing together precision, diversity, inclusion and efficiency to the hiring process of college students.

HELPS Program

The Handling Everyday Life Problems for Students (HELPS) Program provides grants to eligible students that help to support an emergency situation, without which continued persistence would be at moderate to high risk. In addition to these programs, there are specific services including microgrants that are based on one-time unforeseen emergencies to help students in need. Handling Everyday Life Problems for Students (HELPS): The HELPS program offers funding for eligible students experiencing immediate emergency need.

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Eligibility

Bowie State students majoring in Science, Technology, Engineering and Mathematics (STEM) fields are eligible to participate in this new initiative. STEM students that meet the aforementioned qualifications can begin to apply for financial assistance through Student Freedom Initiative. Students who meet the application criteria may apply for financial assistance through a Student Freedom Agreement.

A Catalyst for Freedom

A single purpose nonprofit organization, Student Freedom Initiative provides a catalyst for Bowie State University students to achieve freedom in professional and life choices by increasing their social and economic mobility. Student Freedom Initiative (SFI) is a single-purpose nonprofit organization that provides an income-contingent private education loan alternative for qualifying students to help relieve them from the burden of student loan debt. Student Freedom Initiative is a single-purpose nonprofit organization that provides a catalyst for freedom in professional and life choices for students attending Minority Serving Institutions (MSIs) by increasing their social and economic mobility using a student-centric, evidence-based, holistic and collaborative approach. With unique programming geared towards minority students and partnerships with MSIs across the country, students pursuing STEM careers are given a breath of fresh air when it comes to paying for an education.

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