Śravakayāna is a term used by some MahayanaBuddhists to describe one hypothetical path to enlightenment: the "vehicle of hearers [i.e. disciples]". It is also sometimes used as a euphemism for "Hīnayāna" (the "lesser vehicle") in reference to certain early schools of Buddhism.
For a discussion of the nomenclature problem for pre-Mahāyāna Buddhism, see Hīnayāna.
For a discussion of the spiritual goal of a Sravaka, see Sravaka-Buddha
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The three classes of liberation are all identified as freedom from samsara.
Shravakayana: The Hearer vehicle; practitioners are liberated as Shravaka Buddhas (Arhats).
However, it is common for Buddhist schools today to replace the word with terms such as "Nikaya school" or "Shravakayana tradition" when referring to the Theravada and other schools of the past, since Hinayana has been seen to be offensive by the Theravada and their followers.