Another dish that's really awesome in terms of price:output ratio and tastes amazing at the same time. It's a little more effort than making chili, but the time put into it is well worth it. If you college kids are tired of the cereal and ramen diet you could try this out.
2 tablespoons olive oil
1 onion, chopped
1 carrot, chopped
4 garlic cloves, chopped
2 teaspoons ground cumin
1 to 2 teaspoons chopped jalapeño chile with seeds, divided
2 15- to 16-ounce cans black beans, undrained
1 15-ounce can petite diced tomatoes in juice
1 1/2 cups low-salt chicken broth
Chopped fresh cilantro
Chopped green onions
Crumbled feta cheese
Heat oil in heavy large pot over medium-high heat. Add onion, carrot, and garlic; sauté until vegetables begin to soften, about 6 minutes. Mix in cumin and 1 teaspoon jalapeño. Add beans, tomatoes with juice, and broth; bring soup to boil. Reduce heat to medium, cover, and cook until carrots are tender, about 15 minutes. Transfer 3 cups of soup to blender and puree until smooth. Return puree to pot. Simmer soup until slightly thickened, about 15 minutes. Season to taste with salt, pepper, and remaining 1 teaspoon jalapeño, if desired.
Ladle soup into bowls. Garnish with cilantro, green onions, and feta cheese.