This study investigated one potential mechanism mediating continuity and discontinuity in low-income status across generations: children's educational aspirations and expectations. Data were drawn from a community sample of 808 participants who were followed from age 10 to 30. Four trajectory groups of children's educational aspirations and expectations were identified from ages 10 to 18 (grades five through 12): "stable-high" group, "stable-low" group, "increaser" group, and "decreaser" group. Among participants from low-income families, those in the stable-high group and the increaser group were equally likely to graduate from high school. High school graduation was positively associated with level of total household income at age 30. Findings suggest that social work efforts that support the development of high educational aspirations and expectations in children might serve to reduce the intergenerational continuity of low-income status.