I would get rid of it...a student needs basic, reliable and safe transportation and this, while safe, will likely be a continuing money pit w/ the potential for catastrophic $$ problems, like a shorted main harness at 36K miles...ask me how I know.
Had a '99 from new, worse car we have ever had; switchgear falling apart, radio volume increased randomly-could never get fixed, center bearing failed at ~22K miles, weird electrical problems (random warning lights)...capped by the main harness shorting and killing the car on the highway. The harness was a $4.5K job and MB generously threw in the instrument panel for free (it was partially fried). Also had relatively cheap interior materials, especially considering the cost. That said, it did drive very nicely and was more than capable in snow and light off/soft road.
Only recently have we considered an MB again, and I am not sure I will go there.