Bicycle insurance is less important if you have the cheapest bike on the rack with the biggest lock. If your seat has a Quick Release, set it to the right height, and replace the QR with a bolt. Probably don't need anything too fancy as long as the bike isn't left overnight on campus racks, just reduce the quick opportunity.

I agree with others... don't go out and buy a fancy new bike.... someone else may decide they need it more than you.

Student Loans are overrated... Try to keep any debt to a minimum. Much less of a headache later.