I don't think it affects your financial aid, as it also shows that you are needy, thus being a student decided to work instead of focusing on education and education alone. But, I could be wrong. Colleges keep coming to my school for presentation, and they usually say that we could work etc to pay part of the fees. So, I don't think it would affect it, but don't trust me lol, I could be wrong.

Sparknotes had an article on this. I think the article said once you have over $3500, for every $2 you make, you lose $1 in federal aid...