Having a job while you’re in high school may seem liberating – it feels good, of course, to have money you’ve earned and can spend any way you like. But when the time comes to complete the all-important FAFSA application for financial aid, that job could play a major role in reducing your need-based aid. If you need to work to meet present expenses, then, of course, that’s what you should do. And College Admissions Officers do appreciate students who work during their high school years.

You may want to consider gaining work experience through an unpaid internship, which can give you valuable experience and a sense of responsibility, along with an impressive item to put on your resume – without interfering with financial aid.

You should also know that it’s not always necessary to file tax returns and report cash earned for small jobs such as babysitting or mowing your neighbor’s lawn. If your family has a tax advisor, he or she can help you determine which portion of your income, if any, is legally required to be reported.

Another impediment to financial aid is high parental income and assets. Eligibility for aid is based on the income tax return from the year prior to application (for example, a FAFSA application for 2010 will require tax and income information from 2009). This means that strategic planning with an accountant or financial advisor should be undertaken by the fall of your junior year in high school at the latest.

Any income, dividends, etc. that can be legitimately transferred before the end of the year preceding college may make a noticeable difference in financial aid awards. Generally, the less income parents earn, the less they will be expected to pay. So having parents take on a fourth job during their child’s junior year in high school may not ease the burden of paying for college – especially if it lowers the financial aid award.