Students often work in order to meet monetary requirements for college. However, employment reduces the time students can devote to their studies, which can hinder performance. This study examined whether motivation (self-efficacy goal orientation) and self-regulated learning (help-seeking, metacognitive self-regulation, time management and effort regulation) are related to potential achievement differences between employed and unemployed students, and whether reduction in hours worked over time translates to better performance. A total of 591 US first-year college students completed surveys at the beginning of their first semester and 243 completed a similar survey at the end of the term. Work status and student grade point average (GPA) were also obtained. Results revealed that the number of hours worked was negatively associated with performance, and reducing the number of hours worked over the first year was associated with increased academic performance. Working students who were able to maintain a high GPA had stronger time management skills and effort regulation compared to working students receiving lower grades. Finally, numerous aspects of motivation and self-regulation declined in students over the first semester suggesting the need for universities to offer programmes to help all students maintain healthy motivational profiles.