Student savings expectation is one of three components in the need analysis formula that represent a student’s inherent responsibility to help pay for college. The amount is derived from expected savings accrued over the previous year.
The student savings expectation for the 2023-2024 academic year is expected to be:
- $2,000 for first-year students
- $2400 for sophomores, juniors and seniors
Student savings expectation 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 expected annual timeframe.