The best advice anyone can give is to always buy the absolute best you can afford at the time, especially if the computer is going to have to last you 5 years.
Or, conversely, spend as little as you can on something that is capable of running the programs you are using
now on the grounds that:
1. You can put the cash saved towards upgrading sooner, when the technology will be that much more capable.*
2. People who feel they will be getting into Video Editing/3D apps/<Insert program that requires top spec machine here> at some point in the future often don't (Not the case here, perhaps). If they do, the technology required to run said program has often moved on by the time they get round to doing so.
3. A laptop stands a good chance of being damaged/lost/stolen - especially on campus. Unless you're going to shell out for all manner of insurance and apple care (more cost), you'll feel a lot happier losing a cheap computer than an expensive one.
I'm not contradicting
Slumbercub. - I think the two philosophies are equally valid.
* as long as you don't spend that money on beer.