Student loan debt is an issue that affects almost every household in the U.S., with college costs tripling over the past few decades. Today, student loan debt exceeds $1.8 trillion in the U.S., according to 2026 data from the Education Data Initiative. Robert F. Smith launched Student Freedom Initiative (SFI) in 2020 to help students earn a degree without the burden of student loan debt. SFI is a single-purpose nonprofit dedicated to boosting the social and economic mobility of students at Historically Black Colleges and Universities (HBCUs), Minority Serving Institutions (MSIs) and Tribal Colleges and Universities (TCUs). Its mission is to provide these students with greater freedom in their professional and life choices by removing debt as a barrier.
To raise funds and awareness for student loan debt at HBCUs, SFI partnered with Live Nation Urban to launch HBCU AWAREFEST. The first event of its kind, this weeklong celebration featured panel discussions and an AI innovation challenge. Later, there was a benefit concert with performances by Jill Scott, John Legend and Common.
The State of HBCUs Executive Summit
During the State of HBCUs Executive Summit, moderated by Roland Martin, a panel of HBCU presidents discussed the unique financial hurdles facing their institutions. Keith Shoates, the President and Chief Executive Officer (CEO) of SFI, also joined the panel to explore new educational pathways for HBCU students.
In the clip below, Shoates shares how small donations from individual donors can help solve the student loan debt crisis without the need for larger donors.
The panel also focused on creating “income-aligned” financial models, which adjust loan repayments based on a graduate’s earnings. This can help ensure stability for students during periods where their incomes might be lower. The summit concluded with a call to action: aligning advocacy with long-term investment in student loan debt relief.
internXL AI Innovation Challenge
HBCU AWAREFEST 2026 also gathered young innovators for the internXL AI Innovation Challenge. The event tasked student teams with using AI to solve real-world problems in healthcare, education and other important issues.
The challenge culminated in live pitches from internXL scholars to a panel of expert judges and executives from leading technology companies. Winning teams received prizes.
Fireside Chat With Robert F. Smith
In a fireside chat moderated by CNBC’s Frank Holland, Smith sat down with investor Daymond John, CEO of FUBU, and Chris Womack, the Chairman, President and CEO of Southern Company, to discuss how strategic giving can drive change. The event also featured a one-on-one conversation between Smith and Tyler Perry.
Smith emphasized the importance of taking risks in your career. He encouraged young people to pursue entrepreneurship, sharing his own journey of leaving a partnership track at Goldman Sachs to found Vista Equity Partners (Vista) in 2000.
Smith also reflected on his parents’ leadership as educators, noting how their community-first mindset inspired his philanthropy. He closed by urging the audience to start where they are, working within their own communities to spark widespread change.
Learn more about how Smith supports education reform with his philanthropy on YouTube and LinkedIn.