It depends on the school, obviously. Some of the established schools, that have some pretty significant budgets, get equally significant sponsorship/collaboration deals. We were near the "lower" end of the spectrum and spent in the $20-30K range.
Most of our funds were acquired through student government funding. Some was through corporate sponsors, and the remainder was private donations. If I had to give rough proportions for each, I would say it was approximately 3/6, 2/6, 1/6, respectively.
It certainly isn't a cheap project, especially for a first year team. You'll possibly need to acquire tools, a way to transport the car for testing, etc. It adds up quickly. Especially if you have little university support as regards to shop space and equipment. But that's a topic for a different thread...