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This study focuses on the experience of low-income black students as they transition across class boundaries. I use a case study of 40 students enrolled in an affirmative action-based financial aid program at the University of Cape Town, South Africa to explore the social complexities financial constraints impose on students as they move between economic and cultural contexts. Participants submitted financial diaries, as well as attending regular interviews and focus groups over the course of a semester. I highlight the particular struggles these students face as they attempt to reconcile their identity in interacting with friends and family in their home communities with the challenge of adapting to the values and behaviours demanded by the university environment.