I'm in a graphic design program. When I got accepted into the program they gave us a list of required tools. Aside from a MBP and CS3, we also needed a digital camera because we are required to create all of our own materials (they frown on stock photos). We are also required to have a large format inkjet or color laser printer. I wound up with the Epson R1900 and it's working out quite well. I also have a cheap HP deskjet as a solution for letter-size quick printouts.
I noticed in your post that you can print at FEDex because you work there. Well, good for you... but you're going to find out that is a hassle. I'm not sure what your school is going to require but my school keeps me extremely busy with projects. Last semester, I had 12 projects going at the same time! The last thing I wanted to deal with is going somewhere to print something out, especially a mockup for crit. And I don't suppose your bosses are going to allow you to work on stuff when you're at work? I ONLY print elsewhere when I need very large format prints or I'm trying to save ink costs on large documents or books. So, don't rely just on FEDex - get a good inkjet if your working at home.
Another thing - I've spend a small fortune on supplies because they usually require mockup and initial sketches done by hand. Plan to have a nice work area, a light table for tracing, a cutting mat and blades, plenty of sketchbook and tracing pads, color-aid packs, mounting boards, portfolio cases, and a rolling case to haul your stuff in. I've done only 2 semesters and I've probably spent a couple hundred on ink pens alone! The graphic design program is expensive... but I think it's a worthwhile investment.
Of course, if your emphasis is on web or computer based media, then your requirements are going to be different. If I were you, I'd ask the department before you go crazy spending money.
Oh, and so far, I've NOT had the need for a graphics tablet. Like I said, most stuff is done by hand and then scanned in to the computer where it is refined or traced in Illustrator.