Don't buy cheap tools. Don't even justify it by saying it's for school. Stick with good tools. You're far better off having less tools that are high quality, than more that are cheap.
Snap-on tools are good, but not what they once were. MAC tools are also good; both expensive. You'll do very well with Craftsman tools to start, and I definitely wouldn't waste your time on an expensive designer box. Waterloo makes several different manufacturers boxes, and you'll do as well with the Craftsman brand as any. I highly recommend a box that's got ball bearing drawers.
1/4" drive will be your primary socket selection. Get some decent ratcheting screw drivers. The palm rachets from Snap-on are good. Do your shopping on ebay and pawnshops first. You'll need either an 8 oz or 16 oz ball peen hammer; the deadblow ones from snap-on, sealed and made from heavy duty fiberglass/plastic are expensive, but the heads don't separate, and you'll be using those 20 years form now. Any cheaper won't last.
Get a decent voltmeter. Again, craftsman makes good ones, as does Fluke. I've been using craftsman ones for over 20 years, and they've always stayed in calibration.
Don't skimp on a rivet gun if you get one. Same for a torque wrench. A speed handle is a must.
My policy for many years was to keep buying off the trucks; mostly Snap-on and Mac, and to pay off each tool or several tools before getting something else.
I have an open-end offset wrench group from MAC. I think it was a little over seven hundred dollars by the time I was done paying it off, one wrench at a time; it took a year. I've used them very extensively, and they're excellent choices for hydraulic work, especially in tight quarters. The value of the different offsets on the open end shows up when you need to move a B nut in a narrow space, and can't turn the nut a full flat. You have to keep swapping ends of the wrench sometimes to make it work, and when you need that kind of a wrench, nothing else will do.
Another tool which is nearly invaluable are knipex smooth-jaw adjustable pliers. These can be opened and closed to fit any set of flats on soft hydraulic fittings. I carry several sizes and have used them a LOT.
A set of stubby wrenches is a must, as is a set of ignition wrenches. The small wrenches come in handy a lot more often than you might think.
Get a good quality wire stripper, and a racketing crimper. Forget the hardware-store style crimpers that simply squeeze terminal ends are wrong; you need something that properly crimps and that does it the same every time.
Buy a good set of safety wire pliers. A reversible set is invaluable, and I especially like the 6" kind rather than a full length set; they fit into tighter spaces much better.
Invest in some good socket trees. My favorites come from craftsman. They make some plastic bars with spring-loaded balls in them that can be tailored to any set of sockets or socket attachments, in 1/4", 3/8", and 1/2". You can cut them to length for any kind of set up you wish. I have several dozen of them in my box. They never wear out, you can get extra attachments and fittings; they're great.
One problem I've had over the years with Snap-On in particular is that more often than not when I've taken a tool back to the truck, they've tried telling me it's no longer made, and can't offer me a replacement. Just the value toward something else. I've never had that problem at Sears, but I've had to return a lot more tools to the Snap-On truck over the years than Sears. In fact, just last year I had a shattered inspection mirror that sears replaced free, even after I told them I stepped on it and broke the mirror. No questions asked.
I've had several Snap-on screw drivers and rachet handles seize up on me; the truck wanted me to trade them in against something new and pay the difference. In each case I've taken them apart and found that the factory grease has simply congealed and turned to a thick glue-like substance. Cleaning them, repacking the with grease, and putting them back in the box fixed the problem, where Snap-On would not.
Decent lights are worth their weight in gold.
Racheting, reversible box-end wrenches have been all the rage for a number of years now, and for good reason. They really increase productivity and cut down on wear and tear on your wrists.
A good screw driver set (not a cheap one) is a must. Supplement it with racketing screw drivers. Snap-on makes the best ones, I think. Varying length screw drivers are a big plus, too.
Be sure that you have both 12 and 6 point sockets in your 1/4" set. A set of 1/4" flex sockets in 12 point are a big help, too. I've used them a lot. They're especially useful inside turbine engines.
