I'm in college too and don't have much money. I have a 68 SWB and cut my front springs. I took 1.5 coils out of the front and got a pretty decent drop but it doesn't ride very good. It isn't dangerous, but it makes a lot of noise when you go over bumps (the noise is the spring moving between the control arms because it's so much shorter) It works for now though and seems to be a popular alternative for those of us that are financially challenged

Hope this helps.
Just as a footnote, you won't be able to cut the rear springs (if you have rear coil suspension) because they're tapered at the ends to fit in the cups. I had to bite the bullet and buy lowering springs from ECE but 5" springs were only like $115 shipped. If you take 1.5 coils out of the front, get 6" springs for the rear. Mine has too much rake and it looks goofy.