should i get more storage or memory as a college student

Here are some articles that may help understand the difference:

https://callnerds.com/whats-difference-memory-storage/

https://www.crucial.com/articles/about-memory/what-is-the-difference-between-memory-and-storage

https://www.backblaze.com/blog/whats-diff-ram-vs-storage/

Most contributors here will tell you 250GB of SSD storage is the bare minimum and 500GB is a better option. As for memory I recommend 16GB. However, what you need greatly depends on how you will be using the computer. Check the software requirements and perhaps even check with the school to find out what they recommend for the classes you will be taking. I'm not a Mac software expert so if you post the types of apps you will be using perhaps another more knowledgeable contributor will be able to offer suggestions on memory & SSD storage you should have.

Keep in mind that the memory and storage is not upgradable on Macs after purchase since memory and SSD storage are soldered to the Logic Board now. You need to choose wisely when you purchase the Mac so that the computer is still usable for your needs several years from now.

Also make sure to have frequent and regular backups. It is impossible to recover accidentally deleted data from an SSD after the Trash has been emptied plus an SSD can fail at any time. In addition all current USB-C Macs use a T2 security chip which encrypts all data on the SSD so if the Mac has any hardware issues, then the data on the SSD may be permanently lost. Even a simple macOS update can corrupt the T2 security chip which controls the encryption keys to the hardware encrypted data on the SSD. If the T2 chip becomes corrupted, then all access to the data is permanently lost.