First of Welcome to Pricescope!!!
We (my ff and I) are also college students looking to get engaged in the near future (I'm hoping for by 2007, but who knows!). There aren't that many of us students on PS, but with you the number just increased by 1!
I understand the whole not having enough/a lot of
My FF recently made a large purchase, taking the plunge to buy a LCD TV. He analyzed the situation, price, and quality etc of his purchase around a month before going for it. This sparked a little idea in my head "Hey if can afford a LCD, then he can afford an engagement ring." I calmly explained to him how much I thought he deserved to treat himself etc with this purchase but that I couldn’t help but think this money could help US in other areas.
I would discuss with your bf about how much it would mean if he gave up a little to get you a nice ring that you would be happy with. If ya'll are serious about marriage he should be willing to put his wants aside at least for a few months and sacrifice to give you something you will wear for the rest of your life.