Clean skincare label First Aid Beauty recently announced the launch of a $1 million grant to help students pay off their school debt. The grant will be applicable to both Canadian and American students who graduated from an accredited four-year course program between January 2018 and August 2020.
According to a recent study, the student debt epidemic has reached over $1.5 trillion USD in America, a struggle that First Aid Beauty founder and CEO Lilli Gordon is familiar with. "As someone who once struggled with student debt and now sees young First Aid Beauty employees facing the same challenges, this crisis hits close to home for me, personally, and FAB as a company," said Gordon. "We’re proud to make a commitment toward impacting the futures of deserving college graduates and give them the freedom to pursue their dreams free from the crushing impacts of loans."
Skincare-Branded Student Grants
First Aid Beauty is Donating $1M to Help Students Pay Off Debts
Trend Themes
1. Skincare-branded Grants - More brands across industries can launch their own grant initiatives to support students and young professionals struggling with debt.
2. Education-related Debt Relief - More companies and organizations can explore ways to alleviate the burden of student loans through targeted financial aid initiatives.
3. Corporate Social Responsibility Initiatives - Grant programs and other philanthropic efforts can be powerful ways for companies to demonstrate their commitment to social responsibility and connect with consumers on a deeper level.
Industry Implications
1. Skincare - More skincare brands can explore ways to give back to their communities and engage with their customers through philanthropic initiatives, like offering grants or donation matching programs.
2. Education - Education institutions, both public and private, can partner with companies to offer targeted financial aid and debt relief programs to their students.
3. Corporate Social Responsibility - Companies across industries can explore how they can incorporate corporate social responsibility initiatives into their business models and connect with consumers on a more meaningful level.