Matt
I have a problem with your assumptions about affordability. We all know it costs most folks between $100 to $200 to just certify L1 if you are honest about it, and that's a good night on the town for a college student and a date. It costs a hunk of change for these folks just to go to college. They're paying at least $8,000 a year to go to GT as an in-state commuter student, and $18,000 a year if they are an in-state resident student, and from $35,000 to $40,000 if they're from out of state.
Engineering textbooks usually cost between $100 to $200 so a student is paying $500 to $1000 for text books. Sorry but I really don't believe that $100 to $200 should be a life style changer for most college students. If it is, then they shouldn't be doing High Power Rocketry at this stage in their lives.
You also must remember these folks are in an engineering college. Engineering colleges have student machine shops, and usually teach the students how to use machines. Have you talked to the Aero or Mechanical department to see about the availability of these facilities for students to use? I'd really be surprised if these facilities aren't available for the asking.
If these folks have never built a rocket before, why are you starting them out with high power. Let them learn the basics cheaply, and get some flight experience before they move to high power. Engineering students can read and are generally pretty smart. With some guidance after they have read the Handbook of Model Rocketry 7th Edition which costs $17 if you''re an NAR member, they should be able to design and build a basic rocket. Challenge them to build a rocket for under $10 for parts they can find at the dollar store. Let's see I got a 1.5" crayon bank (choice of ~8 colors) for $1, plastic table cloth makes several dozen chutes for a dollar, a spool of strong thread is a dollar, 2 rolls of masking tape is $1, etc. Carpenters glue is $1... You get the idea?
Then have them design, build and fly a TARC rocket for $25, with BP engines only. (Cost does not include the price of an altimeter which would be a group purchase of 2 or 3.) TARC is tough, but it doesn't cost as much as high power and they'll learn a lot, and get great satisfaction on building a rocket that is purpose built to a mission.
If they can do that, then have them get Modern High Power Rocketry-Second Edition By Mark Canepa. That $28 from NARTS. Have then design and build a high power rocket for $50. It can be done in a similar manner as a model rocket by scrounging, and they will learn a lot.
In the end, they would have to spend $10 to build a model rocket motor, $25 dollars for a midpower TARC rocket, and $50 for a L1 rocket. Add about $100 to join NAR and buy the 2 books. And then there's the cost of the BP motors and a H-reload. May be $100 if they can borrow a casing. Throw in $20 to $30 for the altimeter and In the end it's going to cost $300 per person for what is equivalent to a freshman course in hobby rocketry. That's less than half of what an in-state student pays for one GT course! It comes out to about $30 a week over a semester which really doesn't seem that expensive to me. IIRC after accounting for inflation, from what I remember?? about undergraduate weekends, that's not even beer money.
Bob