After reading up on suits and being given valuable advice & suggestions from this site and its members, I committed SF blasphemy today by ordering my first navy suit from Banana Republic, a chain that sells fused garments made in China. Around this site, BR seems to be expressed much the same way Jerry utters the word, "Newman!
They offered a 40% discount today site wide and this happened to include suits, a rarity. With my student discount and website discount from using a site portal, I stayed within my student budget, ultimately spending less than $270 on a jacket and matching pants.
Much thanks to everyone's help on this site. It's been awesome to get people's advice on what to look for in a suit and what to wear/not wear. I can only hope my suit holds well for a couple of years.