Always pop open the radiator cap and check the coolant if the truck has an automatic transmission. If it looks like a strawberry milkshake - milky and pink - walk away. These trucks have an issue in the radiator where the transmission cooler line that runs through the radiator ruptures and the fluids mix. This will wipe out every seal in the transmission and land you with a large repair bill. This little issue can be bypassed though, take a look at the earlier parts of this thread. If you get a manual trans, this is not an issue.
If you can find one, try to get yourself a Nismo or Pro-4X truck. I know there has been a lot of debate about whether it is worthwhile to get one, but I would argue that it is totally worth the bump in cost and extra effort to find one, especially for a college student. The factory locker has saved my butt a few times and allowed me to be more careful in many situations off road. Simply put, you'll probably damage the body before you run out of traction. I know aftermarket lockers can be had, but having it already in the truck and wired up and all that is worth it to me. This package also gets you into the M226 rear axle, which is as strong as you can get from the factory. This package also comes with a nicer interior color, better looking seats (in my opinion), often comes with a sunroof (which I really like), and has a Rockford Fosgate sound system (which is
really nice). This package also comes with heavier duty suspension. Now I know the odds are that it will be replaced, but until you can afford to do that, it does carry a load pretty well and stands up better than a lower spec truck to off road situations.
There are some limitations from a modification standpoint to think about, namely the front suspension. It takes an awful lot of money to lift, and even more money to lift past 2.5". 1.5"-2" is optimal if you don't plan on replacing the upper control arms, which will add (at least) another $420. I've spent $850 on my suspension parts, and I haven't even gotten the final parts bought for the rear yet. Being a college student like yourself, I can tell you this can be a strain at times.
Aftermarket support is rather limited. There just aren't that many companies making bolt-on parts for this platform. There aren't many options at all for bumper and sliders, and many will take months to get to you because they are from custom fabrication shops. Suspension options are much more broad, but pretty expensive if you want more load carrying capacity and an improved ride. ARB does make front and rear lockers though, so that is a plus.
Otherwise, there is very little to go wrong on these trucks. Everything is well engineered and well put together. The small shortcomings of this truck are more than completely outweighed by how good a vehicle it is. Extremely reliable (think Toyota reliable), tough as old boots, and very capable in off-road situations. Add to that they are very quiet and very comfortable to drive on a day-to-day basis. I'm also a huge fan of the VQ40 V6. Silky smooth and quite a lot of power for the weight of the truck. It really scoots. Plus, if you drive it nice, you can expect 19-21 mpg on the highway!
I am in love with mine. It's just a great truck to live with. Looks great, feels good to drive, and doesn't fail me when I need it.