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.

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:

• Student Freedom Loan Agreement
• Student Investment Program (SIP)
• internXL
• Handling Everyday Life Problems for Students (HELPS) Microgrant Program
• MSI-Community Living Space Initiative (LiSI)
• Cybersecurity, Broadband, and Solar Initiatives

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. To be eligible for the SFLA, students must meet the following eligibility 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

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

To see what STEM majors at JSU are eligible for the SFLA, please visit SFI’s Partners page on the website.

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. The SFLA also has an additional benefit. Eligible students can apply without a cosigner or credit check needed

The SFLA 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% the Federal Poverty Level ($45,180 in 2024)

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

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

The 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.

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.

To learn more about what SFI offers students at JSU, visit SFI’s website.