Bikes aren't fast or slow. Riders are.

Pay attention to those above, remembering that the purpose of your first bike is to teach you what you want or need in your second bike. That said for car replacement, at minimum a bike should be equipped with full fenders, sturdy luggage rack, and good (not cheap, I said good) lights.

College campuses are prime hunting grounds for bike theives, so be certain to lock your better than the bikes nearby. Use TWO locks--one cable lock and one U-Lock. Budget about $75 for those. Any less gets you cheesy.

An onboard toolkit, spare tube(s), patch kit, and tire pump need to be on your list. Flat tires happen. Nothing yells "Loser" quite so loudly as arriving late because your bicycle had a flat tire.

I've been car-free since 1999. These things are essential to any bike used daily in all conditions, no matter what the style, equipment or price. Once you get these things nailed down budget-wise, then look to your bike budget. You'll see that it has shrunken considerably. Now you can begin shoping for a bike.