<p>For example, if there are any savings in your son's name or in a UTMA account ("Mom as custodian for Junior"), you should figure out how either to spend it or to transfer it into your name. Assets in the student's name are "taxed" at 20% or so available for college, while assets in the parent's name are "taxed" at 5% or so.</p>
<p>A job between 10 & 11 grades won't affect FAFSA, except to the extent that he saves the money in his own name. If he wants to save it, you should put it in your account and let him draw on it as needed.</p>