I see that you are in CT. That is an area where you might want to consider extending the studs out to 6" (5 1/2") to get a thicker fiberglass batts in the wall cavity. Overall the largest heat lost occurs in the ceiling area, if you think about it in makes sense as heat rises. The more on top of the ceiling the better. Closing up all the gaps between the windows and doors and the exterior siding should be the first step.
Vapor barriers should also be considered. Using college kids is a good idea just watch that they are neat. Gaps are not your friend.
When I lived in CT there was an energy service that would come out and survey you house an garage. Their analysis would show the best approach overall and factored type of heat, windows, current insulation, vapor barrier etc. They even used an infared device that showed that one of my exterior wall cavities had no insulation at all. There is also something called a blower door test but that might be an overkill for the garage.
In the end, it's your dollars that are going up and away and one idea from my insulator is that if cost is an issue go around to all the home centers and see if they will cut you a deal on the open bags that are around. They are often happy to get rid of them for suprisingly low cost and freguently the first batt is all that is damaged. Once they are in the walls only you know what you paid for them.