How inexpensive?
Are you on a Mac or PC?
Since you are a student, you can get discounts on software from select sites that have just about all of the major editing, effects, design, and animation applications for about half off the MSRP.
I'd post a direct link for you, but we're forbidden from doing so on these forums...
If you're using a Mac, you'll have to get student discounted software directly through their site.
Also, what software do you currently have that came with the camera? You're not working with one of JVC's HDV cams are you? Because with JVC's HDV camcorders they have to issue a proprietary editing application that can process the MPEG2 format. Of course, there were recent announcements made by Adobe and a few others who now support the format, but those applications run anywhere between 500-1000. But, with a student discount, you'd get it for anywhere around 200-500, of course that's all assuming you're using HDV.
If you're just shooting regular DV, which you probably are, then there are plenty of other choices out there, but you need to know what exactly you want to get out of the application.