Yes, you should have just purchased your own equipment instead of going to school, but school is school man. Nothing is wrong with school, and if I had the interest I would go to school for music engineering (and complete it) simply so I can say I've done it. School teaches you how to turn the knobs, but they aint gonna teach you when to turn the knobs and when not to turn em.
As far as my setup I am only using two things right now. My motif es (which hasn't been used in months) and my digi 002r (which I am using to mix and record with.) All my other gear is collecting dust right about now, but when I need to turn it on or if someone else needs it all I have to do is cut it on. The last piece of gear purchased for the lab was an sp-404, and we still have the sp-202, but the sp-202 will probably end up being sold for a lil bit of nothing.
As for how I was able to purchase the gear, my brother and I saved up, I sold beats and ghost produced for fast money, I mixed for fast money and I recorded for fast money. I made a choice to part with my 76 chevy caprice, and I put a lot of money into that cars engine (all edelbrock and chrome under the hood), and I devoted the majority of resources to gear. I went without a lot of things, but if you want to do this you have to make sacrifice.
As far as used gear is concerned go ahead and purchase used. I purchased my Karma used and guess what was wrong with it? It had dust on the keys. Guess what? It now has dust on the keys because I don't even use it.
But, on the real, my plan is to get my lab RIGHT and the way I envision it, and after that I will have nothing to do with music except for charging people to use the spot. I won't mix, I won't record, I won't make beats, I won't do ANYTHING except slang studio time and maintain the equipment. Thats my ultimate goal in music. Nothing more. Nothing less.