My color laser printer that I got a few years back is just so much better in every way.
(I do get my prints from Bay Photo when they're too large for my own equipment, which tops out at 13x19". They're super good! I can really recommend them.)
I've never been a college student, but I've been plenty broke a few different times in my life. If anything, the relevance of being flush would seem to be in not having to worry about operating costs. I sure as hell would never have considered buying a photo printer that eats three bucks in ink per print, and God knows how much in cleaning cycles, if I wasn't lucky enough to be flush these days. Sure, I got it cheap with a rebate, but so what? It's the running costs that kill you, if anything does.
For photos specifically, I haven't recently had the chance to compare, but I would not expect any even remotely consumer-attainable laser printer to produce results on par with inkjet. A lot of the reason inkjets have gotten so good over the last decade or so has been trickle-down of tech developed for the professional market, I believe thanks in no small part to the gallery market for "giclée" fine art prints. For color management as well as print quality, I just don't think laser can get there, and even if it did, I'd expect a comparable result to cost an order of magnitude or two more.