I'm gonna suggest the Rockshox Psylo SL. I too am a college student (only not 17 hard semester hours......just 13 this semester). I wanted a good fork but didn't want to unload all my money, and I ended up ordering the
2002 Rockshox Psylo SL from
www.pricepoint.com for $249. They give it a huge discount just because it's last year's model even though it's brand new. I love it. I got it in the mail about 3 days ago and I had it installed today. It's got U-turn adjustable travel (adjustment of travel from 80mm to 100mm to 125mm with the turn of a knob on the fork crown). The improvement over my Rockshox Judy TT was
unbelievable . It's got pure damping, U-turn travel adjustment, compression control and lockout, and rebound speed adjustment. Great fork at a great price. Like your bike, my bike is a hardtail also.