A single purpose nonprofit organization, Student Freedom Initiative provides a catalyst for freedom in professional and life choices for students attending Minority Serving Institutions (MSIs) by increasing their social and economic mobility using a student centric, evidence based, holistic, and collaborative approach. The ultimate goal of Student Freedom Initiative is to act as a catalyst to help students attain the skills and confidence they will need after graduation to successfully choose their personal and professional pathways. Initially at a select few Historically Black Colleges and Universities (HBCUs) like Tougaloo College, Student Freedom Initiative will offer the following key components:

How Does the Student Freedom Agreement Work?

Eligible Tougaloo College STEM students can apply for funding through the Student Freedom Agreement. Tougaloo College does not endorse Student Freedom Initiative’s Income Contingent Alternative to Parent Plus and other private education loans product. Tougaloo College is not affiliated with Student Freedom Initiative. Graduates who benefited from the program while in college will make income-contingent payments for a certain period. The amount of the payments will vary depending on the participant’s earnings and may rise and fall throughout the payment period. Students will only be required to make payments for a maximum of 20 years, even if they have not paid the amount borrowed, and they can elect to defer up to 12 monthly payments at any given time for any reason. All payments made will be recycled back into Student Freedom Initiative, and the funds will be used to finance the Student Freedom Agreements of future students.

The Student Freedom Agreement should be considered just one part of a student’s overall financial aid package. It is not the intent of the Student Freedom Agreement to replace available state and institutional aid, as well as federal grants, work-study and Direct Subsidized and Unsubsidized loans. A Student Freedom Agreement is a funding option for up to $20,000 per academic year of the remaining cost of attendance at the institution. It is being offered as a funding alternative to other private education student loans and Parent PLUS loans. Most importantly, the availability of a Student Freedom Agreement will not impact a student’s eligibility for any institutional aid, such as need-based or academic grants and scholarships from Tougaloo College.

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Who Is Eligible to Participate in the Student Freedom Agreement?

AllTougalooCollege students will have access to the educational and career support resources, including internships, tutoring and mentoring, as well as capacity-building support, provided by Student Freedom Initiative. However, Student Freedom Initiative’s income-contingent funding alternative, called the Student Freedom Agreement, will initially be limited to certain STEM majors.

TheTougalooCollege administration, in collaboration with Student Freedom Initiative, has approved the following majors for participation in the Student Freedom Agreement:

  • Biology
  • Chemistry
  • Computer Science
  • Mathematics
  • Physics

To be eligible to apply for funding, students attending Tougaloo College must have a valid Social Security Number (SSN) and meet all of the following criteria immediately prior to a disbursement (as determined and confirmed by Tougaloo College):

  • School approved FAFSA or acceptable alternative state aid application;  
  • Rising junior or senior (by credit hours); 
  • Enrolled full-time for the coming academic term (unlessStudent Freedom Initiativegrantsan exception because you require less than full-time enrollment to complete your bachelor’s degree in your final year of study);
  • Majoring in approved Science, Technology, Engineering, and Math (STEM) degree-seeking program; and  
  • Meeting Satisfactory Academic Progress (SAP), as defined by your institution

Please note that students are ineligible if they are in the United States with a non-immigrant visa. All students can refer to Student Freedom Initiative’s website for the latest information.

How Does the Student Freedom Agreement Work?

Eligible Tougaloo College STEM students can apply for funding through the Student Freedom Agreement. Graduates who benefited from the program while in college will make income-contingent payments for a certain period.The amount of the payments will vary depending on the participant’s earnings and may rise and fall throughout the payment period. Students will only be required to make payments for a maximum of 20 years, even iftheyhave not paidthe amount borrowed, and they can elect to defer up to 12 monthly paymentsat any given timefor any reason. All payments made will be recycled back into Student Freedom Initiative, and the funds will be used to finance the Student Freedom Agreements of future students.

The Student Freedom Agreement should be considered just one part of a student’s overall financial aid package. It is not the intent of the Student Freedom Agreement to replace available state and institutional aid, as well as federal grants, work-study and Direct Subsidized and Unsubsidized loans. A Student Freedom Agreement is a funding option for up to $20,000 per academic year of the remaining cost of attendance at the institution. It is being offered as a funding alternative to private student loans and Parent PLUS loans.Most importantly, the availability of a Student Freedom Agreement will not impact a student’s eligibility for any institutional aid, such as need-based or academic grants and scholarships fromTougalooCollege.

Students atTougalooCollege who are eligible for a Student Freedom Agreement are likely to benefit from the income-contingent funding alternative. However, Student Freedom Agreement may not be the best option for every student. With this in mind, students are encouraged to work with their financial aid counselor to understand the features of the Student Freedom Agreement, traditional loan optionsas well as any other funding options.

To learn more about the terms of the Student Freedom Agreement and the application process, please visit Student Freedom Initiative’s website. Interested students should carefully read all the documents provided by Student Freedom Initiative during the application and approval process. They will contain important informationrelated tothe terms of the Student Freedom Agreement.

What Is the History Behind Student Freedom Initiative?

Student Freedom Initiative was created to address the disproportionate student loan debt plaguing African American students and students of other minority backgrounds. It was envisioned by Robert F. Smith, Founder, Chairman and CEO of Vista Equity Partners, after his commencement address at Morehouse College in 2019, committing to pay off the student debt of the graduating class.

After the graduation ceremony, Smith challenged a team of extraordinary individuals to develop a program that could serve more than just Morehouse students but rather students of numerous college institutions. The program would be based on a “Pay It Forward” paradigm, in which participants would be able to help finance the education of the next generation of students. While funds would be provided to the initial students, the payments received by the participants would support future students, instead of allowing investors to profit from those least able to afford it. Ideally, Smith hoped the program would also be able to include holistic student support services, going beyond merely alleviating the financial burdens on these students.

The team met the challenge, and Student Freedom Initiative was born. Partners in the development and initial implementation of Student Freedom Initiative program include the following:

Student Freedom Initiative is a nonprofit public charity and has raised a significant amount of funding to support its efforts. Its initial funding includes a $50 million gift from Fund II Foundation, of which Smith is founding director and President, as well as a $50 million personal gift from Robert F. Smith himself. The gifts are intended to allow Student Freedom Initiative to support 500 STEM juniors and seniors per year for the entire future of the program.

Learn more about Student Freedom Initiative.

United Negro College Fund (UNCF)