I also got Office 2008. I used every version of Office for Mac over the years. Office 2008, is overall a nice program, although some people are experiencing some glitches, as to be expected from a recent release. Office 2004 also had some glitches at first, although very usable from day one. Microsoft will update Office to address issues.
As a student, as we all were, I know money is tight. If you are not able to get Office 2008, at a reasonable price, there are alternatives, as mentioned.
Apple pages is certainly a worthy word processing program as well. I used it until recently, and its compatibility to Word is excellent. Iwork, to purchase is much cheaper than Office. A trial version is available
http://www.apple.com/iwork/trial/
NeoOffice, similar to Microsoft Office is a free open-source alternative Office Suite. Certainly worth downloading and trying since it is free.
If Office 2008-Student version allows you to install up to three computers, like Office 2004 version, you could get two other people and split the cost. Check out the license agreement first though!!!