I'm presuming in my answer that you're looking at automotive trades.
I have a wide range of tool brands, acquired over the years a piece at a time for the most part, and for next to nothing. Some are Snap-on, most are Proto, some Mac, Matco, Williams, SK, Indestro and a few old Craftsman. Very few others mixed in, although I've had my choice from dozens or even hundreds of tool boxes I've parted out over the years.
The only tools I pay retail for are Snap-on. That is for the stuff I haven't been able to get used, where I need the best. The things I have found are worth the money are:
Hard Handle Screwdrivers - they work better than any brand I have owned, bar none.
Ratcheting Screwdriver - Again, I think these are the best available.
1/4" drive sockets - They have held up better than any others I own. They do the work of a 3/8" set.
Pliers and diagonal cutters - selectively here, when you need the best. They are about the same to slightly better quality than Klein and Knipex, which are my next choices.
Torx and Hex Sockets - they hold up better than any others, except maybe Proto.
I'd look for bargains on used tools. That will always be the best quality for the money you can get. If you get a great bargain on mixed sets or stuff not quite as nice as you would like, live with it and upgrade later. There is so much high quality US made SAE size stuff out there that you can pick up for 5% of retail that it makes no sense to pay snap-on prices, even with student discount. Buy used Proto, Wright, Indestro, Dura-chrome, Williams, SK, Armstrong or lesser known brands like Fleet, Mustang, Challenger, etc for next to nothing and use them until you have cash to pay for a prestige set, if you decide that is something you need.
If you can find used Snap-on screwdrivers for 1/4 of retail, buy them used. If not, the student discount will make them affordable enough to buy new. Not a huge set, but a basic set of #1 and #2 phillips, 3 or 4 flat sizes, a couple of short and minitature phillips and flat, and a ratcheting driver. With the lifetime warranty, that you will use to get new blades occasionally, they are really quite affordable in the long run, and they work better than any others.
I'd buy a 1/4" drive ratchet, hard handle, that you like, and a basic set of short metric sockets. You can add SAE and deeps later as you need them.
I'd consider buying a 3/8" set of metric sockets, but buy a good used ratchet cheap. There's plenty of them out there. I'd buy a less expensive set of 1/2" drive sockets as you won't use them as much, and again, buy used ratchet. I'd look at SK, Proto, and Indestro ratchets, and avoid Craftsman. SK ratchets are the best buy for the money on the used market, often less than $10 buys you a good 3/8" or 1/2". (I'm presuming auto mechanics here, if you're going industrial or Diesel automotive, the 1/2" drive will be your primary, in SAE instead of the 1/4" drive).
I like the Snap-on combination wrenches, but don't know if they're worth the premium. I like my Proto also, and maybe prefer some of my Mac to the S.O. I think much of the better SK and Armstrong and Wright compare well. I'd try each and see which you like, and buy the ones you prefer. Again, you can buy used now and upgrade later.
The things I'd use the student discount for is stuff that will make you money, that you can't find readily used. I'd not go into debt for anything that i absolutely didn't need; and I'd continue that philosophy when I got out of school and started working. Buy what makes you money, and pay cash if you can. Don't buy much in the way of electronics when you're in school, use the school stuff and buy what you need when you start work. Electronics depreciates very quickly, as it becomes obsolete. The only thing electronic I would buy is a good multi-meter, and I'd buy a Fluke, or if you want to save money, a cheap clone of a Fluke. I'd also buy an inexpensive code reader, in the under $200 range. That will make you money on the side helping friends out for a few $, saves them paying $100 to a shop to read codes and helps you pay for the scanner.
Good Luck!
dave