The Student Freedom Initiative has announced a $150 million partnership with Cisco and AVC Technologies to address student loan debt and modernize digital infrastructure at historically Black colleges and universities.

The commitment includes $50 million from Cisco in support of SFI's income contingent alternative to traditional college loans for eligible students attending HBCUs. An additional $100 million from the tech conglomerate will support networking, security, and collaboration technologies. In addition, both AVC Technologies and Cisco will provide ongoing technical support to assist the digital transformation of HBCUs as they fortify their underlying infrastructure against cyber threats. To that end, AVC Technologies will help identify gaps between existing infrastructure and the requirements identified by the Department of Education Federal Student Aid (FSA) and will install the necessary solutions to address those gaps, while Cisco will provide a year of support following installation and SFI will provide end-to-end project integration and management.

"We are thrilled to welcome Cisco and AVC Technologies as strategic partners for SFI in addressing the digital divide faced by our HBCUs," said SFI board chair Robert F. Smith. "Their expertise and generosity will ensure that HBCUs are secure and robust institutions that empower Black students. And Cisco's added financial commitment to students, making them the first anchor corporate partner of SFI, will help liberate students from crushing debt and allow them to make their own life choices. Their gift to SFI's endowment is a call to action to other corporate leaders to join our cause."

"Collectively SFI, Cisco, and AVC Technology will bring meaningful, sustained, and measurable opportunities to advance the HBCU ecosystem," said SFI chief operating officer Keith B. Shoates. "Provided the opportunity to participate via the InternX.org platform in the modernization efforts at their respective HBCUs, these students will obtain practical hands-on experience, training, and certifications in the technologies of the future; and we'll build a qualified pipeline of diverse talent from HBCUs. This is just the beginning, as we continue to seek partners to join us in providing evidence-based, holistic, student centered support and creating a self-sustaining financial product that provides an alternative to traditional student loans."