It probably won't hurt to go ahead and purchase a computer. It can be really helpful for writing late night reports (if your school's computer lab closes at night), managing your checkbook, keeping track of your student loans (yikes), etc.
A good desktop computer shouldn't cost you more than $1,000 now. I just built a new computer system for under that.
Laptops aren't as expensive as they were. You can get a good laptop for under $1400 now. Things to look for are an active matrix TFT screen (nearly all have it), at least 256 MB of RAM, 20 GB HD (bigger HD's are probably a waste of money - HD's are expensive in lappies), and around a 1 GHz processor. Forego the DVD drive -- unless you are certain you will be watching movies on it. A standard CD-ROM or CD-writer will be cheaper.
For things that you will be doing, it's not necessary to go all out and get a top of the line processor. Stay within your budget. Also, if you plan on using it with battery power, then make sure you get a mobile processor (designated as -M after the processor).
As far as desktops go, a good rule of thumb is to look at the fastest processor available and then go down 3 models. That will usually put you in the best price range for a computer. A decent computer is a Pentium 4 2.0 or 2.2 GHz or an AMD Athlon XP at 1.6 or 1.67 GHz. AMD chips perform more computations per clock cycle, so a lower speed doesn't necessarily mean lower performance for the AMD.
Dell (www.dell.com) offers student discounts. Resist the temptation to buy any extended warranties, super duper sound cards, high-end video cards, etc. Most of those things are for high-end gamers (read people who have money to blow away).
Finally, despite what people tell you, just because a faster processor comes out 3 weeks after you buy a new computer doesn't mean that your computer is out of date. Most computers can run programs comfortably at only 800 MHz.
Oh yea, buy the Webpath CD. At only $50, it's well worth it. I love having the ability to hook my laptop up to my television and project the images up on my TV.
I think I've earned my name through this post.
Cheers,
Geek Medic