As much as I'd like to support this venture, I am worried about the long-term prospects of this tank.
While a reef can be done for under $600, the fact is that less money equals more time involved, not only in initial set-up but in ongoing maintainence. Also, if the tank is established slowly (as it should be), there will be almost nothing in it by the time you graduate, at least nothing of interest to most folks.
I would strongly recommend that if you do this, you do it with a significantly smaller tank, either ten or twenty gallons. A tank that size can be drained down to the sand level and moved easily twice a year (so the teacher can take it home in the summer). A 2x36watt PC will do fine for a couple of hardy mushrooms, a soft coral or two, and a pair of small fish, along with several snails, hermits, a shrimp, etc.
A 55 gallon tank is a bad choice for many reasons. Please have your teacher return it and get something smaller. I cannot emphasize this more. I am certainly not blaming your teacher; he just hasn't dealt with a reef and cannot be expected to know the issues involved.
It is wonderful that you are researching this in advance, and I commend you on taking the time to inform yourself before starting the tank. I'm sorry if this post comes across negatively. It's just that the hobby by its nature is enormously expensive, and without a really dedicated hobbyist, most tanks done "on the cheap" are destined to fail. There are lots of fun and interesting options for small reefs, and while they also require lots of maintainence the small size should allow you to automate them more easily. Check out brandon's posts on this board to see how really small you can go, and then imagine a tank ten times the size of his.
Tim