I never understand this mentality that the "livelihood" of a "pro photog" is threatened because someone is shooting for less. We can easily turn this argument into photogs shooting for a living versus for FREE. In this case, let's say the OP is shooting it for FREE. It is a losing battle competing against photogs shooting for FREE. It has been said before here, if you can't compete against photogs shooting for FREE, it is time to change the way you market yourself.
I really tire of hearing this. It is really easy for those that don't do this full time to make the statement that you need to change. If you have a full time photography business you are paying taxes, facility expenses, staff expenses and all the high fixed costs that go along with running a business. So let me ask you just how are they supposed to change. It is easy to say but not always so easy to institute a fiscally responsible plan that allow you to maintain the business in the black. I can say for myself that I have been fortunate in business but I don't chase the normal kind of work that the weekend warriors do.
Considering that the OP is in university I would think that he could use the extra money by charging market rates. I personally think the whole "I'm doing them a favor" is an out for I just want to shoot.
This is going to be an never ending debate and the industry is changed forever. Some will say for the better, others will disagree. It is what it is. I have worked many events with weekend warriors and by and large most are very great to work with. Some just want to stick it to the full time working photographer.