Synthetic antiferromagnetic (SAF) and synthetic ferrimagnetic (SyF) free layer structures are disclosed that reduce Ho (for a SAF free layer), increase perpendicular magnetic anisotropy (PMA), and provide higher thermal stability up to at least 400° C. The SAF and SyF structures have a FL1/DL1/spacer/DL2/FL2 configuration wherein FL1 and FL2 are free layers with PMA, the coupling layer induces antiferromagnetic or ferrimagnetic coupling between FL1 and FL2 depending on thickness, and DL1 and DL2 are dusting layers that enhance the coupling between FL1 and FL2. The SAF free layer may be used with a SAF reference layer in STT-MRAM memory elements or in spintronic devices including a spin transfer oscillator. Furthermore, a dual SAF structure is described that may provide further advantages in terms of Ho, PMA, and thermal stability.