Daniel,
First off, good on you thinking about this! It's great to see entrepreneurial spirit. Just don't lose sight of school :) But, I'll try and answer your questions as best I can.
With regards to consultancy or individual - I think the best thing (to start) is do the work yourself, and make sure that your clients are aware that you're a student, and that you might have a friend pitch in if there's too much work. It's like having the best of both worlds. Always say that "even if X is working on the project, I would never release it without looking it over fully". People really respond to that personal touch - it's like having a consultancy, without having one.
2) Don't ever do a pricing plan, quote clients based on needs. If someone asks me for a price for work - I give a range. It lets you gauge the client based on body language, without being laughed out of the water at the onset. Also, don't be afraid to use the phrase "for you I'll...." while you're starting out. It builds great relationships.
3) GET A CONTRACT. PUT ABSOLUTELY EVERYTHING IN WRITING. I can't emphasize the above enough. I have various clauses with regards to ownership that I use with clients - clauses involving late penalty payments, things like that.
Bonus: Have you read The freelancer's Bible? You should.
If you'd like to chat more - you can always e-mail me. chayim at lyricalsoftware dot com.