Sounds like you've already made up your mind.
Due to the body condition (i.e. rust), two years left of college, etc., maybe selling it isn't such a bad idea. How many miles are on the car?
I've thought about selling my Mustang, but due to the superb condition and near show quality cleanliness, I've decided to continue with modifications. Plus, now, the car is way passed the 'transportation' value; it has sentimental value.
If you're still not sure as to what to do, flip a coin and gauge your initial reactions to the outcome - that nearly always works.
Good luck with your decision.
E