Summer savings is one of three components in the need analysis formula that represent a student’s inherent responsibility to help pay for college. The expected amount comes from earnings saved from a summer job.
The summer savings expectation during the 2019-2020 academic year was:
- $2,000 for first-year students
- $2400 for sophomores, juniors and seniors
Summer savings is a theoretical amount, and may not represent actual savings. However, because it does represent a student’s responsibility to pay, it cannot be removed from the need analysis formula, even if the student is unable to save during the summer months.