The question does not say cut "into thirds," it says "into three pieces." This - http://i.stack.imgur.com/kEjP0.png - is a perfectly reasonable answer which, assuming the rate of cutting is constant, would result in 15 minutes.
It's a bad question.
Edit: That said, I would have given the same answer as the student, because I think that's the most reasonable interpretation, especially considering the illustration. But the keyword there is "interpretation." The question is ambiguous.
(My argument is taken from this answer: http://math.stackexchange.com/a/380007 )