Student Freedom Loan Agreement (SFLA)

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.

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

Application Process

Timeline:

• Applications opening May 2026
• Confirmation of funding expected within 60 days of submission
• Funding disbursed during school's normal disbursement process in applied term

Steps:

1. Verify your school is a participating SFA school (select from dropdown menu)
2. Complete online application through Student Application Portal
3. Provide personal information, campus, and program details
4. Review and acknowledge initial disclosures
5. Create account and sign FERPA (Family Educational Rights and Privacy Act) consent
6. School's financial aid office certifies your eligibility
7. Review additional disclosures and sign contract
8. Receive approval notification via email
9. Funds disbursed during school's normal process

Required Materials:

• Current unofficial transcript showing enrollment and class level (must match major listed under school)
• Enrollment verification (unofficial or official transcript or degree audit)
• Document must show: name, school, and major
• Identity verification (after application submission)

Eligibility Verification Questions:

• School and major selection
• Loan amount requested
• Citizenship status (U.S. Citizen or Permanent Resident)
• Age of majority confirmation
• Current unofficial transcript confirmation showing enrollment at selected school
• Major eligibility confirmation

Note: Application is not complete until enrollment verification step is finished.

Approval Notification:

• Email notification from Student Freedom Initiative upon approval
• Communications throughout application process
• Contact Financial Aid Office for application status updates

Allowed Uses of Funds:

• Tuition and fees charged by school
• Housing costs
• Food costs
• Transportation and commuting expenses
• Textbooks, supplies, equipment (including computer hardware/software)
• Health insurance and medical expenses
• Dependent care expenses
• Ordinary personal expenses
• Loan fees
• Other miscellaneous costs for school pursuit

Data Protection:

• SSL (Secure Socket Layer) encryption for data transmission
• All applications subject to approval by Student Freedom Fund