As a college student I am limited by my wallet. Between paying for college, affording rent, and attempting to build up enough savings to eventually START my life, I find that I have little spare change laying around to really jump-start my photography. I can't afford a fancy camera, a studio, models, or even high quality software, but I do know just enough trickery to make some money!
-Look around for everyday things that can make your shoot more simple. Don't have a a backdrop in a studio? Use a sheet of paper for smaller objects or a white sheet to isolate larger ones.
-For darker backgrounds just turn off all of the lights and shine some light on the desired object.
-Don't have a model? Take a picture of yourself in a mirror for some great images without need of a model release!
-Can't quite catch that object in mid-flight? Think outside the box a little bit to slow it down, or better yet, stop it completely:)
-And as always, nature provides a great setting too, and it's usually free. But don't rely too much on nature unless the shot is really special, because it's usually easy to get outdoor shots and everybody does it.