Stillman College Announces New Financial Aid Option For STEM Majors

TUSCALOOSA, AL — Stillman College this week unveiled a new financial aid option for students majoring in fields relating to science, technology, engineering and math (STEM).

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The college on Wednesday announced that it has joined the Student Freedom Initiative, which is a non-profit organization that aims to improve the social mobility of students attending a minority serving institution.

The nonprofit also provides professional development, access to technology, and mentorship, in addition to access to the Student Freedom Agreement — an income-contingent student loan.

Stillman College said STEM majors in their junior and senior years would be eligible to borrow up to $20,000 a year through the Student Freedom Agreement. Graduates will then only begin repayment if they make more than $30,000 annually.

The new financial aid option is expected to benefit students who receive aid that doesn’t cover the entire cost of attendance. For example, Stillman College mentioned students who are eligible for Parent Plus or private loans would qualify for SFA aid.

Stillman President Cynthia Warrick said on Wednesday that there are roughly 30 students on campus who receive Parent Plus loans, with some students having gaps in funding that force them to either withdraw or switch from in-person learning to online instruction.

“SFI will be game changer for our students,” Warrick said. “They will have access to very low interest rates and high-paying internship and career opportunities with major employers, enabling them to complete their degree without the worry of funding.”

Stillman is one of 14 institutions in SFI’s third cohort, the college said in a press release, and one of 48 HBCUs currently affiliated with the program.

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