Financing
Background
After 2018’s referendum on funding the JDUC Project was unsuccessful, we asked students why they voted the way they did and how we could improve the project to better meet their aspirations. We heard feedback from thousands of students and then went back to the drawing board.
By utilizing the financial remedies available to us, we were able to establish a lower fee, implemented in a way that was more financially accessible. In 2019, students supported this new proposal.
The Fee
By seeking out efficiencies and adjusting the repayment period to 25-years, we lowered the student fee as much as possible for as long as possible. We believe that these payment terms ensure that today’s students are being asked to contribute a fair amount.
The JDUC Redevelopment fee will be collected at a rate of $40 per academic year beginning in 2019-2020. Beginning in the third year of fee collection, 2021-2022 – when construction is scheduled to be finished, the JDUC Redevelopment fee will be collected at a rate of $73.92, and will increase at the rate of inflation for each subsequent year.
Financial Aid
We feel that it’s crucial for the JDUC Project to include financial aid in the form of a bursary fund to help students in need. The AMS has committed $500,000 to this fund and challenged Queen’s to match this commitment by identifying the bursary as a priority for advancement fundraising.
It’s important that the costs of investing in our future don’t fall on those who can least afford them. This bursary could cover the JDUC Redevelopment fee for 500-1,000 students per year. It would be integrated with other forms of financial aid and bursaries and would not require a separate application.
The Breakdown
Queen’s University administration has stepped up to contribute their fair share to the project. Graduate students will be contributing a substantial amount to the project as well. Now, a funding commitment from undergraduates will allow the project to proceed.
dollars of cash contribution and advancement donations from the University.
dollars of financing support from the University.
dollars from members of the Society of Graduate and Professional Studies.
dollars from members of the Alma Mater Society over the course of the project.
All values above are shown as a net present value.
Why should there be a student fee?
The Student Life Centre (the JDUC and Queen’s Centre) is a partnership between the University, AMS, and SGPS. All three partners fund its operations, based on a formula that takes into account the amount of space that each partner occupies. Examples of current space use by different partners include the Student Experience Office (University), the SGPS offices, and Tricolour Outlet (AMS).
In order to serve undergraduate students better than ever and enhance the services they love and rely on, the AMS has prioritized student space every step of the way. In negotiating the student fee, we balanced the need to keep the cost as low as possible with the expectation that undergraduates will benefit from most of the spaces created.
The JDUC Project, as envisioned, will be a transformative investment in student life that will serve student needs for decades to come.