First Aid Beauty wants to pay off your student loan debt through new Fab Aid intiative

DNY59/iStock(NEW YORK) -- 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."

To 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).

There'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.

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