Hi
If I were you I'd upgrade hard drive. Go to a 512GB SSD from apple for $450 bringing your total price to US$2,349+ tax (on the education site since you are using it for school).
You can upgrade the RAM yourself which is easy and there are instructions on apple's website.
The only other thing I'd possibly suggest is upgrading the processor as well which is a extra $180. If you can find a refurbished one with a flash drive that is a good start. An added bonus would be with the i7 processor...
Examples:
http://store.apple.com/us-hed/produ...ed-27-inch-imac-32ghz-quad-core-Intel-Core-i5