SEP725K is what is listed on the Snap-on Student Excellence Program website. it is listed at $455.22. Im sure you can just order the impact though, talk to your representative. The Set includes the MG725, a shallow set of metric impact sockets and a shallow set of standard impact sockets.
the standard set of impact sockets 3/8-1" (311IMYA) is listed at $96.72
the metric set of impact sockets 10-24mm (315IMMYA) is listed at $122.20
so that leaves $236.30 for the MG725 impact gun
This is a great deal. The reason I did not purchase this impact is because I do not like the power selector, which is located on the forward/reverse valve on the handle. It is very hard to turn with your fingers. The valve is easy to use though. Get this gun in your hand and try it out. Dont be afraid to use other brands also. Get a feel for a tool before you buy it, see what you like.
I found an Ingersoll Rand 2135QTiMax on craigslist for $165. This is a great impact. In comparison with the MG725, the power is identical. It is a smaller and lighter gun than the Snap-on. The power selector is a large dial on the back of the gun which is very easy to use. The forward/reverse are two buttons on the back of the gun which are easy to operate with one hand.
Ingersoll Rand air tools are known for lasting a long time. Snap-on air tools are known for lasting under five years. As long as you take care of your air tools, oil them daily, they will last longer. There is a thread on this site about an MG725's magnesium housing cracking just out of warranty, 2 years... The school I go to has them in every box and they are starting to leak air when they are plugged in to the air line.
If you decide to get the MG725, take care of it and you will be very happy. It is a great deal. As long as you are in school, take advantage of the student discount, once you graduate, you will kick yourself for paying full price. Snap-on makes great tools and have a great warranty. I would suggest purchasing the hex and torx socket driver sets. 212EFTAY $112.09, 210EFTAMY $97.19, 212EFTXY $151.68. Snap-on makes the best socket drivers in my opinion. They wont twist or break like Craftsman or Gearwrench. I used the Gearwrench socket drivers for a while and they will twist under a heavy load. Some other tools I would suggest are the Dual80 ratchets and their dead blow ball peen hammers. Their ratchets are as smooth as butter and their hammers are comfortable and very efficient. No bounce like regular hammers and they hit hard. 1/4" ratchet T72 $34.58, 3/8" Ratchet F80 $44.17, 1/2" ratchet S80A $72.77. 16oz dead blow ball peen hammer HBBD16 $35.10, 32oz dead blow ball peen hammer HBBD32 $49.68. There are a few things you should definitely purchase while you have the discount, so do some research and make some money to buy the tools you will need.
You can sign up for the Student Ecellence Program by going to the Snap-on website and clicking on the link at the bottom of the home page. You will be able to purchase tools online and view what is available with the student price. If you are looking for any tools that are not on the student site, ask your representative and he will be able to price it out if it is available. I have purchased individual impact swivel sockets with the student discount and they are not listed on the site.