When I was in grad school (MFA program) we had great facilities including a 50" Kreonite color processor, Durst dichro enlargers, and a mural enlarger. And of course full B+W facilities (that was just at the very beginning of digital entering the scene, and not many of us were attempting any digital based work.)
We had to buy our own film and paper. Paper costs were (and still are) pretty high, especially a roll of mural sized RA-4 paper. In the art world, big prints were (and still are) the norm. I remember having to really budget my material costs while getting through school (and of course part of my tuition also went to the facilities and their upkeep.) We all knew that photography was expensive as a medium.
But I think the overall result was that we were very conscientious about what we were doing and to take the time to really think through projects. With a limited student budget we had to make sure that what we were doing was worth the expense and not to waste any materials. It kind of makes you a lot more particular and to think ahead about your projects. It made me a lot more critical of what I was doing (and that remains with me today, whether film based or digital.)
Sometimes it can be a good thing that there is no 'free lunch.'