Paychecks... AZ and SW do not issue payments under $100. ARe/Omnilit pays quarterly, no bottom limit. I get my royalties via PayPal there. The idea of getting a "monthly" check right off is probably a bit optimistic.
Is this a new policy? Because my very first paycheck from Amazon a year ago July, was for ten dollars and some change. It went to my bank. I've never made more than $100 at Smashwords, but I've made enough to get a paycheck from all but maybe the first quarter my books were there. My next check should be $81 through SW, and I expect to get a notice that it has been added to my Paypal account.
I'm looking at all publishing to be long-term investments. it might not pay this month, this year, or even next year, but eventually I'll have the backlist to produce decent pay on a regular basis.
My take...
Publisher books get more money than self-pub.
In digital format, time and backlist matter
Publishing sales in any format are inconsistent.
An editor is your best friend.
New releases bump old releases.
Self-pub can be like a tortoise - slow and steady.
The OP can make some money on his/her books, but it depends on some very important factors. One, they have to be a good storyteller. YA is all about the story. People slammed Amanda Hocking because of her editing, but something about her storytelling resonated with readers despite some flaws in the grammar and editing. However, if you tell a good story, AND you have a clean, edited manuscript, your chances of success go up accordingly.
Get a good cover/title. There are a lot of people out there who can do covers, and some are very inexpensive. In fact, you might find a pre-made one, where the artist will just insert your title and name on the cover. Some are as low as $30. While it won't be the best cover, it should look professional.
Last week, my book sold 98 copies in one day, and I attribute it to the eye-catching cover and lucky placement. It was on the first page of the 'Also Boughts' on a book that was the Kindle Daily Deal. It has a bright, but ominous looking yellow cover, and it really stood out amongst the three other books also on that first page. Of course, it wasn't just the cover and luck, as I have a lot of good reviews on it, but you have to get the customer to see the book before they can ever read the reviews. Out of curiosity, I sort of kept track of the other three books showing that day, to see where their rankings went. Mine got down to about 750 in the store. The lowest the others got to, that I saw, was about 2,000, so I definitely think it was the cover that helped.
Marketing. Hmmm...yes, this can be time consuming, but if you're in college, I bet you spend a lot of time on FB, Twitter, or game sites anyway. Instead of wasting that time, use it productively. Create an author FB page. Most importantly, don't spam any sites with your books. That's a ticket to obscurity. Become part of any forum you feel would have members who might enjoy your books. Don't even mention the books for awhile, just post it in your profile. If you're well-spoken on the forum, people will check out your profile and if you have a link to a blog or webpage that highlights your books, you can generate sales that way. Go over to Kindleboards for more tips on marketing.