For a friction force Fr, the terminal velocity is reached when the acceleration becomes null:
mg + Fr = 0
mg - k* Vterm² = 0
k, the friction coefficient depends on different parameters: http://en.wikipedia.org/wiki/Drag_equation
So in the end, the terminal velocity will depend on:
- The guy's weight (contrary to a free-fall's acceleration which is independent of mass)
- The "contact surface" between the body and the atmosphere.
- The atmosphere's density (which is lower than on Earth's surface).
The guy aims at reaching Mach 1. Note that due to the lower atmospheric pressure at this altitude, Mach 1 is a bit smaller than it is on the Earth's surface ( 301 m/s at 29 000 meters and -48 degrees C compared to 340 m/s at sea level ).
Finally, the term "free fall" is not appropriate as the definition of a free fall is "any motion of a body where its weight is the only force acting upon it."( http://en.wikipedia.org/wiki/Free_fall ) This does not take into account the drag which is not negligible here.