The link won't work, but we have a plain metal drying rack. I think it cost around $15 and it hangs over the door so it takes up very little room. I personally wouldn't pay more than $20/$30 for one, as even the cheap metal ones will last forever and do the same job, so it's a waste of money at that point.
It only takes basic math to tell you that it will save you money over time. If you buy a $20 drying rack, it would only take around 13 loads of laundry to pay for itself if it costs $1.50/load to dry. However, understand it takes A LOT longer for items to air dry than it does for them to dry in a dryer. Figure about 6-8 hours for lighter weight items (tshirts, lightweight skirts/dresses ect..) and a full 24+ hours for heavier things like jeans and jackets to dry. You can only fit 1 or 2 loads of laundry at a time on most drying racks, and large items like blankets and sheets must be hung on a line or over the shower curtain rod (or use the dryers for those kinds of items). One other thing to consider being that you are in college, you cannot allow laundry to pile up if you plan to air dry it. You have to be consistent with doing your laundry every week, or else you won't have enough room to dry everything.