More than 65% of college graduates have acquired student loan debt, which adds up to over $1 trillion in overall U.S. debt. First Aid Beauty is ready to help change that.
The popular skincare brand, sold at mass retailers, has introduced their Fab Aid initiative -- a commitment to pay off $1 million in student debt.
First Aid Beauty's mission is to rescue people from their biggest skin concerns," the brand wrote in a statement. "Now, we are launching the Fab Aid initiative to rescue recent college graduates from the burden of paying off their student loans."
MORE: Debt Diaries: She paid off a $102K student loan and bought a house in the same monthTo be considered for the aid, interested 2018 to 2020 graduates from an accredited four-year college or university are encouraged to apply online, and submit an application that includes a two-minute video on how student loans have affected their life, as well as an optional essay with any additional information.
First Aid Beauty will select recipients along with a six-person advisory board, including notables such as Bowdoin College President Emeritus Barry Mills, finance expert Bola Sokunbi and actress Laura Marano.
Grand prize winners can receive up to $100,000 for student loan repayment and will be announced on Nov. 10.
Winners will also receive 10% of sales from a limited-edition First Aid Beauty FAB AID Ultra Repair Cream, which retails for $42 (8 ounces) and $14 (2 ounces).
MORE: Lane Bryant introduces mannequins with diverse body types and skin tonesThere's no purchase necessary to submit an application for the First Aid Beauty Fab Aid contest, but you must be a U.S. or Canada resident to be considered. Full terms can be found on First Aid Beauty's website.
The submission deadline is 5 p.m. on Aug. 31.
