XUZHOU - Over 500,000 yuan ($78,388) will be paid in compensation to the families of each of the 15 students killed in Monday's school bus crash in Fengxian county, East China's Jiangsu province, local authorities have promised.

The county government has decided to provide 502,000 yuan for each victim, said Zhang Bin, deputy county magistrate with the Fengxian county, on Thursday.

While the bus driver took full responsibility for the crash, he could not afford to pay such a huge amount himself. So authorities have decided to pay the compensation from government funds, based on related laws and regulations, Zhang said.

As of Thursday evening, seven of the eight students hospitalized after the crash are recovering in stable conditions. The eighth has recovered consciousness.

The accident occurred at 5:50 pm on Monday. The bus was taking students home when it veered into a roadside ditch after the driver tried to avoid colliding with a pedicab.

Students became trapped at the bottom of the overturned vehicle and drowned as water gushed into the wreck.