Another thing to do is find out about clubs. Student organizations can often get money from the school's student council. If there's already an R/C aircraft club, you can join in with them, or start your own focused on the other aspects of drone/UAV tech that they don't cover but try to recruit from them.

Also, if you have an active IEEE or ACM branch at your school, they might have additional funding if you can get enough people and a faculty member or two on board. We provided funding to a couple projects, one was the SECON robotics competition, but I vaguely recall helping with some other project(s).