It really depends a lot on where you expect to be working when you leave school.
If you spend $15,000 on a box and your first job is at a dealership that provides a nice shiny (and empty) $20,000 Snap On tool box that's exactly the same model and color as what all the other techs are using you might wish you skipped the box and spent some of that money on the tools.
If your first job is at a shop that specialises in German cars, those thick hex wrenches regardless of brand made for American and Asian makes are pretty awful. The fractional wrenches and sockets might be completely useless, and if you don't have a good set of Torx (including inverted Torx) and triple square, you might have an issue.
Skip the electronic everything at first except for a decent digital multimeter and a basic OBD code reader. For the multimeter, don't buy a top of the line Fluke just yet because you may find yourself buying equipment that includes the same functionality very soon. Also, keep in mind that there's a huge change going on in the voltages your multimeter will need to work with. Hybrids and all that, you know.
If you find yourself doing a lot of routine maintenance at a gas station you might find that a $300 torque wrench was not needed right away, and that J2534 pass through device.... yeah.
You'll definitely need: a good flashlight; a droplight; a mirror on a stick; a magnet on a stick; iguana on a stick; a compression tester; comfortable pliers in a few sizes; a digital micrometer; a brake micrometer (digital or mechanical); a 3/8 drive air ratchet; a 1/2 inch impact wrench; 1/4 drive ratchets, extensions, and metric hex sockets; 3/8 drive ratchet, extensions, and hex sockets; a couple of hammers; a die grinder; a drill and both right-handed and left-handed bits. For these items, don't worry about buying top quality. You'll get plenty of use out of them.