You know all you would need to do if your worried about cost and you wont be using the full bandwidth, just set up ICS with your friend, pick up a bandwidth monitoring program and share one Connection, $10 a month aint too bad.
Mind u thats a nogo if you both like to download stuff.
Also that 10mb/s probably means your School has you on a T1 line internally, I doubt that they would use a T1 to go out with, even small universitys around here have at least a T3 line. But 1MB/s is nothing to complain about
For exaple, most DSL lines (the cheapest anyway) rate at 3mb/s witch usually works out to around 150KB/s