Skin-care brand First Aid Beauty is relaunching its program to help those dealing with student loan debt. The brand will donate $1 million to help recipients eradicate their debt, as well as a percentage of the profits from some of its cult-favorite products.
Student loan debt in the U.S. is a $1.7 trillion crisis, according to data from the Federal Reserve, but it’s one issue that seems to consistently get put on the political back burner. Student loan debt forgiveness was one of President Biden’s earliest promises. And, on his first day in office, he signed an executive order to extend a freeze on federal student loan payments through October 2021. But actual forgiveness of that debt is still out of reach—and the Pew Charitable Trusts estimate that roughly a quarter of people with student loan debt end up defaulting within five years. Â
To help address the crisis, First Aid Beauty launched its FAB AID program last year, which awarded $1.3 million between 24 recipients who all had student loan debt to pay off. An advisory board—including First Aid Beauty’s founder and CEO Lilli Gordon as well as influencers, financial experts, and entertainers—chose the winners from nearly 2,500 applicants.
For instance, Tyra D., who works as a pediatric intensive care nurse, graduated from Northwestern University and received $61,000 last year from FAB AID. Anna P., an art teacher dealing with medical issues, received nearly $92,000. Bianca O., a daughter of immigrants who had to take on hefty loans to attend Brown University, was awarded $28,000.
The brand is building on the success of last year’s initiative by expanding the eligibility qualifications. This year, money from the FAB AID program will pay off recipients’ remaining student loan debt in full, up to $100,000 per person. Anyone in the U.S. and Canada (excluding Quebec) who graduated or will have graduated between January 2011 and August 2021 is eligible to enter. And, this year, all those who attended two-year and four-year universities and trade institutions are able to enter (however, this does not include graduate school).
Like last year, the brand is giving $1 million to the cause right off the bat, and will donate 10% from sales of certain items up to another $500,000. Eligible items include the brand’s Ultra Repair Cream ($36, First Aid Beauty) as well as upcoming limited-edition FAB AID sets of products.
Of course, ultimately, it shouldn’t be up to brands to solve the student loan debt crisis. And people shouldn’t have to enter a contest to have their debt eradicated. Eradicating $1.5 million out of more than a trillion dollars may seem like one drop in a gigantic ocean, but it had a huge impact for those individuals who received help from the FAB AID fund last year.Â
The brand hasn’t said exactly how many recipients there will be this year, but does say there will be two separate announcement periods this year: one in May and one in September. So if you don’t win in the first round, your application will automatically roll over to the next one. Applications are open here now until July 15.
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