Student Freedom Initiative

Student Freedom Initiative (SFI) serves as a catalyst for students attending Historically Black Colleges and Universities (HBCUs), other Minority Serving Institutions (MSIs) and Tribal Colleges and Universities (TCUs) to find freedom in their professional and life choices. By participating in SFI, Benedict College students can increase their social and economic mobility, utilizing SFI’s student-centric, evidence-based, holistic and collaborative approach.
This innovative and student-centered program aims to free students from the crushing burden of unmanageable student loan debt. It also serves as academic support to help students attain the skills and confidence they will need after graduation to scale the heights of their personal and professional pathways. SFI programs include:
- Student Investment Program (SIP)
- Handling Everyday Life Problems For Students (HELPS) Microgrant Program
- Internships matched to student interests through internXL
- MSI-Community Living Space Initiative (LiSI)
- Cybersecurity, Broadband and Solar Initiatives
- Student Freedom Loan Agreement (SFLA)
Student Freedom Loan Agreement Eligibility
The Student Freedom Loan Agreement (SFLA) offers a more equitable financial solution with lower interest rates than Parent PLUS loans. This approach aims to alleviate the burdens faced by STEM students at HBCUs, other MSIs and TCUs, providing a sustainable path to finance their education. Please visit SFI’s Partners page to see which STEM majors are eligible for the SFLA.
Benedict College students must meet the following criteria to be eligible to receive SFLA funding through the Student Freedom Fund (SFF):
- 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 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
Please note that international and foreign exchange students authorized to enter the U.S. on a non-immigrant visa are not eligible for the funding option.
For additional information about SFI and the SFLA, please contact Benedict College’s Office of Financial Aid.
How the SFLA Works
The SFLA is intended to benefit qualifying sophomore-, junior- and senior-level STEM students who are seeking financial aid. It 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.
The SFLA targets the gaps in funding, where aid packages leave students the option to take Parent PLUS loans and/or high-interest private loans to complete their education. The SFLA aims to cover the remaining costs of education when other sources have been maximized. It should be noted that funding from the SFLA for each student will be capped at $20,000 per academic year and $40,000 total at any participating institution, including Benedict College. The SFLA stands out for its accessibility, allowing students to apply without a co-signer or credit check.
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% of the Federal Poverty Level ($45,180 in
- 2024)
Debt forgiveness begins in the sixth year when income is below the income threshold.
Students interested in the SFLA are encouraged to weigh their options and choose what is best for them. Benedict College financial aid staff and counselors are equipped to walk students through financial aid plans. Ask questions. Make informed decisions.
To learn more about the SFLA and review the Application and Solicitation Disclosure, please visit SFI’s website.
Note: Benedict College does not endorse SFI’s SFLA as an alternative to Parent Plus and other private education loan products. Benedict College is not affiliated with SFI or Student Freedom Fund, LLC.
History of SFI
The idea for SFI came about after entrepreneur and philanthropist Robert F. Smith eliminated the student loan debt of the entire Morehouse College graduating class of 2019. In doing so, Smith began a dialogue with educators and financiers that led to the creation of a program designed to address the disproportionate burden of student loan debt borne by Black college graduates. When a Black student graduates, they typically owe more on average than their white peers. That amount triples in only a few years due to accrued interest. SFI is designed to help alleviate that disparity.
SFI was launched with a $50 million donation from Fund II Foundation, a nonprofit granting organization of which Smith is the founding director and President. Smith, who is now Chairman of SFI, matched Fund II Foundation’s gift. Cisco, an SFI Anchor Donor, assists HBCUs, other MSIs and TCUs participating in SFI with necessary technology infrastructure upgrades to achieve campus cybersecurity protocols required by the Department of Education Federal Student Aid (FSA) program. A list of additional donors to SFI can be found on the Donors page.
Find out more about SFI and get up-to-date information on new developments by visiting SFI’s website.