30 Drops Out of the Bucket Contest Reveals Shocking Student Debt Loads
Our 30 Drops Out of the Bucket contest is over. It’s time to announce the winners and some surprising facts about student debt.
1) It only takes 10 UFV students to rack up a million dollars in student debt!
2) Each $1,000 prize only covers one month’s payment of the average debt of the 30 winners. A “drop in the bucket” amounts to one month reprieve on a ten-year payment.
As a reminder, here’s how the contest worked: all current or former UFV students were eligible to enter the contest, as long as they had completed at least one course at UFV since Sept. 1, 2005 and had student debt. The 30 students with the highest level of debt get $1,000 each.
We ran this contest not only to help 30 UFV students take a “drop out of the bucket” of student debt but also to highlight the impact of high and rising tuition fees and the resulting debt levels our students incur. Our 30 Drops Out of the Bucket contest is funded by and part of the Federation of Post-Secondary Educators’ Open the Doors campaign to raise awareness of inadequate government funding for post-secondary education. Please visit www.openthedoors.ca to find out more.
Here are some facts from our entrants:
- Total student debt from 30 winners: $2.516 million
- Average debt among 30 winners: $83,860
- Total debt from 223 valid contest entries: $7,071,804
- Average debt from 223 entrants: $31,712
- Highest debt: $169,545
- Top 10 debt holders total: $1,071,617 (yes, averaging $107,000!)
According to the calculator at Student Aid BC https://studentaidbc.ca/plan/debt#repayment, using the average debt of our contest winners, $83,860, the maximum 10-year term and the fixed interest rate option, the monthly payment works out to $1,004 per month. A $1,000 cheque really is just a “drop out of the bucket” for our winners—it only covers one month’s repayment.
Here is a histogram of the debts for the 30 winners:
Here are the 30 Drops out of the Bucket winners in alphabetical order by first name.
|Alison Robertson||Gerald Koe||Laura Milette|
|Alissa Gorner||Graham St. Eloi||Marin Beck|
|Audrey Faber||Jaipreet Mattu||Melanie Danbert|
|Bobbi Nikki Dionne||James Severn||Mikhail Roy|
|Brittany Reid||Janel Jack||Pamela Schwab|
|Christina Billingham||Jason Soolaman||Richelle Campbell|
|Cindy McIntosh||Jeffrey Rasmussen||Robyn Mooney|
|Dana Brook||Kristi McGill||Sam Odell|
|Dawn Emile||Kristianne Hendricks||Samantha Fischer|
|Douglas J. Day||Kristine Kooyman||Steven Goodall|
The $1,000 cheques for the winners are available for pick-up after 3 p.m. today, April 10 2017, in the FSA office or we can mail them out to you today. For more information, please email Sean Parkinson at email@example.com