I understand the tight budget - but I would still strongly recommend getting it tailored. It makes such a huge difference. If you have a Nordstrom around you, go get a suit there. But first, get a Nordstrom card. You can get it as a credit card or a debit card, and any sales person there can set you up. No annual fee, no nothing - but it will get you a $100 tailoring credit. I bought a suit there and got some major alterations done (basically reconstructed the pants), and it came out to be $90, so if you need just standard alterations like sleeves done, I am sure it will be less than that, which $100 will definitely cover. Also, the first $100 spend with the card you get $20 back, which you can spend on accessories, etc
Edit: The card works at Nordstrom Rack too! And they will tailor whatever you bought at the Rack as well. Sorry if I sound like a salesperson - I swear I don't work there, I just love Nordy...