SAK. They provide a lot of utility. The ones with the scissors (eg. Super Tinker, Climber) are pretty handy.
Leatherman Expanse (e33L) is another option. The carabiner doubles as a bottle opener to help out with the "other" part of the college experience. Made in USA too.
Kershaw Half Ton is a pretty decent and inexpensive one with a more stout blade.
The Sanrenmu 763 was already mentioned, and that's a nice knife too. A lot of people also like the SRM 710 as well. I have both and actually like the 763 better.
The Dragonfly is a bit above your stated price range, but it's also a nice knife. If you're considering that, though, I'd suggest looking at a Delica instead. It's a little bigger (~2 1/2" sharpened edge vs. 1 7/8"), and it costs just a couple bucks more (since you're already over your target range).