I don't envy your financial situation. Been there, done that, and hope your education will pay itself off quickly. I don't have the best recording equipment myself, but you might be surprised at the kind of recording you can get by hooking up a Micro BR to the mixer at karaoke. I think I paid about $200 for mine about 4 years ago, but I found one on eBay for $89 just now and it has a guitar jack, in case you want to look into getting one for yourself.