Well, one of the nice things about going to most video production schools is the access to equipment, so consider whether you really NEED to buy something if you can just use the school’s cameras for free. What advantage would it give you? Cameras are obsolesced so fast nowadays that you can’t count on it being up to date when you graduate.
That being said, I bought a Panasonic DVX100 the month I graduated high school because I knew I was going to use it for both college assignments and paying jobs, which I did. It was also a luxury to be able to shoot projects without having to sign out and return the college’s equipment all the time.
These days, I wouldn’t buy a standard def camera unless you get a screamin’ deal on a used one. There are Panasonic HVX200 cameras all over eBay within your budget or you could stretch a bit and get a new one from a reputable dealer. The HVX is a very versatile camera with decent quality and I think you’d be happier with it over a XL2.