Student Freedom Initiative
A single-purpose nonprofit providing income-contingent funding alternatives and student support programs to help HBCU students break free from the burden of student loan debt.
Student Freedom Initiative and Jackson State University
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. SFI is working to help create a world where college graduates from Historically Black Colleges and Universities (HBCUs) like Jackson State University (JSU), other Minority Serving institutions (MSIs) and Tribal Colleges and Universities (TCUs) are free of the constraints caused by the ever-increasing burden of student loan debt.
JSU’s legacy of Southern excellence is an ideal place for SFI programming. At JSU, as well as other participating HBCUs, other MSIs and TCUs, students have access to tools to help them succeed academically and professionally. The programs SFI has created on campuses across the country can provide the resources to help equip students with the knowledge to create pathways to better lives following graduation.
- Organization Type
- Single-Purpose Nonprofit
- Founded By
- Robert F. Smith
- Chairman
- Robert F. Smith
- Focus
- HBCUs, MSIs, and TCUs
- Launch Funding
- $100 million ($50M Fund II Foundation + $50M personal match)
- Morehouse Action
- Paid over $34 million in student debt for the Class of 2019
- SFI Website
- studentfreedominitiative.org
- Donors
- View all donors
What does SFI offer to students?
The programs offered by SFI have been developed to be student-centric, evidence-based, holistic, and collaborative. JSU students can utilize a variety of resources and programs. SFI offers the following programs to all eligible students and institutions, subject to availability:
Who is eligible for the Student Freedom Agreement?
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.
Eligibility requirements
To be eligible for the SFLA, students must meet all of the following requirements:
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
Note: International and foreign exchange students authorized to enter the U.S. on a non-immigrant visa are not eligible for the funding option.
More about the SFLA
Students who meet all of the aforementioned criteria may apply for the SFLA. The SFLA provides up to $20,000 each year to support the academic pursuits of students. Eligible students can apply without a cosigner or credit check needed.
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% the Federal Poverty Level ($45,180 in 2024)
Debt forgiveness begins in the sixth year when income is below the income threshold.
Learn More at SFI’s WebsiteThe SFLA is not intended to replace other forms of scholarships or financial aid, including state or aid from institutions, 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. 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.
Note: JSU does not endorse SFI’s SFLA as an alternative to Parent PLUS and other private education loan products. JSU is not affiliated with SFI or Student Freedom Fund, LLC.
How Student Freedom Initiative was born
The burden of student loans in the Black community is compounding and has been projected to get worse over the next decades. How can students be liberated to fulfill their dreams? That is the problem philanthropist and innovator Robert F. Smith set out to solve. Smith is the Founder, Chairman and CEO of Vista Equity Partners. He took on the broader issue of Black debt after 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. The result was the launch of SFI. Smith now serves as Chairman of SFI.
To launch SFI, the nonprofit granting institution Fund II Foundation provided a gift of $50 million. Smith, who is Fund II Foundation’s founding director and President, personally matched that with $50 million. SFI’s contributing partners have grown to include several donors. For a full list of donors, please visit the Donors page on SFI’s website.
Robert F. Smith, Chairman of Student Freedom Initiative
The creation of SFI was inspired by the actions of businessman Robert F. Smith, with the end goal of liberating the human spirit in the Black community and other communities that often lack access to opportunities. This is done by removing one of the roadblocks to personal and family wealth creation: student loans.
“By addressing the financial stress of college and providing students with resources and community, we can finally broaden the talent pipeline and create a more diverse and thriving economy.” — Robert F. Smith, Chairman of SFI
Smith, who was named one of Forbes’ 100 Greatest Living Business Minds in 2017, made international headlines following his commencement address to the Morehouse College class of 2019. Smith, the Morehouse College honoree and commencement speaker, announced to approximately 400 new graduates that he had paid their student loans.
The payment of over $34 million in student debt was complex, and it inspired Smith to examine the system itself. Together with leadership from HBCUs and financial experts, the idea of SFI took shape.
Smith’s background
Unlike many business leaders in the financial industry, Smith is also an engineer. His bachelor’s degree in chemical engineering from Cornell University and successful career in the industry provided an edge when he eventually launched his own investment firm. The STEM skills and “elegant solutions” Smith learned were highly translatable to his next career path.
Smith took a calculated mid-career risk, leaving the field of engineering. He earned his MBA at Columbia Business School in 1994 and joined Goldman Sachs. Smith thrived in his position, which brought him to San Francisco and Silicon Valley, working to secure deals with the likes of Apple and IBM.
Smith founded Vista Equity Partners (Vista) in 2000. Due to his knowledge of computer programming gained as an engineer, Smith was one of the first investors to see the potential for growth in technology industry software development. Vista has become a leading global investment firm, exclusively investing in enterprise software, data, and technology-enabled businesses. Vista was named 2023’s Global Technology Private Equity Firm of the Year by Private Equity International.
Philanthropic history & honors
Smith was brought up in Denver, CO, by parents who were very invested in his future. Both of Smith’s parents worked in education and earned doctoral degrees in that field. His mother also made it her mission to make monthly payments to the United Negro College Fund (UNCF) to ensure the next generation of Black students could achieve their dream of a college education.
Smith’s dedication to philanthropy is centered on initiatives that promote equality and equity for the Black community (and other communities that often lack access to opportunities), environmental preservation, and social justice. Smith has supported organizations including DonorsChoose, internXL, Ron Brown Scholar Program, Columbia University, Cornell University, The National Museum of African American History and Culture, and the Sphinx Organization. Smith also co-leads Southern Communities Initiative (SCI), a catalytic program for advancing racial equity across six Southern communities representing more than 50% of the Black population in the U.S.
Selected recognitions:
- Legal Defense Fund’s National Equal Justice Award in 2023
- Founders Award from Foster Love in 2023
- theGrio’s Philanthropy Icon Award in 2022
- Carnegie Medal of Philanthropy in 2019
- UNCF President’s Award in 2019
- Texas Business Hall of Fame 2019 Inductee
- Harvard’s W.E.B. Du Bois Award in 2019
- TIME100’s Most Influential People of 2020
In addition, Smith is a member of the Cornell Engineering College Council and serves on the Board of Overseers of Columbia Business School. He has also served as Carnegie Hall’s Chairman since 2016.
Follow Robert F. Smith:
Ready to learn more about SFI?
Visit Student Freedom Initiative’s website to learn about all available programs and see which STEM majors at JSU are eligible.