Thanks for the responses! The brakes, wheels and everything else work on the bike I currently have so it's possible that I could just change out the gears, chain & etc. The body isn't in great shape (cosmetically, anyway) and most of the cables are rusted.
Since my tuition for fall is banked I do have a little budget leeway. I could maybe spend up to $700 on an upgraded bike, though I'd prefer to stick around the $500 range. I'll have to swing by Trek this weekend and see what they have available.