SpaceX isn’t providing a discount to student groups. The program, Cubesat Launch Initiative, is funded by NASA and covers the cost of launch and integration into the deployer.
325k$ is for 50kg. Yes it’s the minimum for this program. The students I had were programming the 10cm^3 satellites, I don’t have more details than this cursory explanation but it’s definitely possible.
I don't think a student is going to be able to afford that any time soon