This is one of the rules I have consciously decided I will break. Since I very rarely have the opportunity to wear semi-formal dress (a tuxedo), I can't really justify buying patent leather shoes. So I bought a pair of black Grenson Stowe wholecut bals ($150 from www.shoeshop.com) with the intention of wearing them with suits and, highly polished, with a tuxedo (I _will_ make the sacrifice of buying silk laces to wear with a tuxedo). I would think a college student would also want footwear with maximum versatility. I would never wear bluchers, Gucci loafers (unless I wanted to make a "kiss my a$$" statement), shoes with any broguing, or a captoe with a tuxedo. As it is, my wholecuts are only marginally acceptable.
Pardon the break from the OP's question but where are those wholecut bals (I'm interested in some myself). When I go to the site you listed, it appears to just be an advertising site linking to other shoe sites.