Student Freedom Loan Agreement (SFLA)

Student Freedom Loan Agreement (SFLA)

Overview: A private education loan designed as an income-contingent funding option for STEM majors at Minority Serving Institutions (MSIs). Payments adjust based on post-graduation income, with options for as little as $0/month when income falls below threshold, and a fixed percentage of income above threshold.

Status: Active; applications opening May 2026

Geographic Scope: United States (DC-based funder)

Focus Areas:

STEM majors (Science, Technology, Engineering, Math)

Minority Serving Institutions (MSIs)

Historically Black Colleges and Universities (HBCUs)

Tribal Colleges and Universities (TCUs)

Award Amount:

Up to $20,000 per academic year

Cap of $40,000 total lifetime funding

Key Features:

No co-signer required

No credit check

Income-contingent repayment - payments adjust to post-grad income

20-year payment obligation limit

Bankruptcy discharge eligible

Payments help fund future students

Intended to supplement, not replace federal aid

Eligibility Requirements:

Enrolled full-time at participating SFA school (unless final year exception applies)

Junior or Senior class standing

STEM major (approved by institution)

Valid Social Security Number

U.S. Citizen or Permanent Resident (not international/foreign exchange students)

Age of majority or older

Completed FAFSA or acceptable state aid application

Meeting satisfactory academic progress as defined by school

Participating Schools (50+ institutions including):
Alabama A&M University, Alabama State University, Albany State University, Benedict College, Bennett College, Bluefield State University, Bowie State University, UC Riverside, Cal State Long Beach, Central State University, UCF, Claflin University, Clark Atlanta University, Denmark Technical College, Dillard University, Fisk University, Florida A&M, Florida Atlantic University, Florida International University, University of Houston, Hampton University, CUNY Hunter, Huston-Tillotson University, Jackson State University, Lane College, Lincoln University, Livingstone College, Miles College, Morehouse College, Morris College, Norfolk State University, Prairie View A&M, Shaw University, Saint Augustine's University, Stillman College, University of Texas at El Paso, Texas Southern University, Tougaloo College, Tuskegee University, University of District of Columbia, University of Maryland Eastern Shore, Virginia State University, Virginia Union University, Voorhees College, West Virginia State University, Wilberforce University, Xavier University of Louisiana

What They Don't Fund:

International or foreign exchange students on non-immigrant visas

Freshman and Sophomore students

Non-STEM majors

Students with unsatisfactory academic progress

Licensing:

NMLS ID: 24711270

Verify license status at nmlsconsumeraccess.org

Contact Information:

Phone: 833.531.1310

Email: support@manager.studentfreedominitiative.org

Financial Aid Office at participating institution

Contributors: Robert F. Smith, Fund 2 Foundation, Cisco, and others