Welcome Jay

Ah the college life and all the parties. Well sadly you learned a very important lesson on life. An expensive one but still, people make mistakes. As to your bike and goals. I think that is a good choice that you bought. Down the line you will see if riding longer road and racing comes into the picture, or if pure mountain bike racing becomes of interest to you. This bike is your launching point. The gear. IMHO that is all a good start, and seems well thought out by you. Don't worry about looking like a dork, it's best to be comfortable than miserable but look cool.

edit: And you see 2 views Racing this bike won't do, riding for transportation it will work just fine.