I had good gear when I was a student, but I bought used gear and worked my arse off all summer, and always had jobs in term time too.
I seem to recall having the following in my student days (at various times)...
* 50w Marshall Silver Jubilee head (paid £280)
* a late 70s Marshall 4x12 with 25w G12Ms in (£100)
* 30th Anniversary AC30 (was a LOUD amp, solid state rectification gave it more poke), £550
* Hiwatt Custom20 2x10 combo (£500)
* 63 Fender Twin with JBL D-120s (£450)
* Fender Tonemaster (bought for £300, second-stock)
* always had my 1991 Les Paul Standard loaded with Duncan Seth Lovers for probably 8 years