Over 35 games this season, Savage averaged 11.7 points, 4.8 rebounds and 2.3 assists.
“We appreciate the contributions Kethan made to the program over the last three years,” coach Mike Lonergan said in a news release.
Savage would have one season of eligibility remaining.
The Colonials finished 22-13 and posted a 10-8 record in conference play this season.
Their season ended with a loss to Temple in the second round of the National Invitation Tournament.
It was reported last month that guards Nick Griffin and Darian Bryant are transferring from the program.