I'm also a college student, and over the last year and a half I have put together a gear list that gets me in the mid 8 pounds base weight. I did everything on a budget, and a lot of MYOG things helped me out.
The sleeping bag definitely has to go. You could easily save a pound and a half and a bunch of space by switching to something lighter and more compact. My budget was around $150-180 for a sleeping bag(lightly used, diddnt care if it had been used a little by someone else), and some ones I considered were the Sierra Designs Nitro 30 ( highly reviewed here) and the Marmot Arroyo. I went with the Nitro 30 and I couldnt be happier. I have taken it down to the mid 20's, and been comfortable. Weighs in at 29oz with the stuff sack. If you wanted to MYOG a sleeping bag, that would definitely be cheaper, and probably lighter too.
For a shelter, I used to just use a Eureka Solitaire. It was just a budget tent until I could afford a TarpTent or something similar. I eventually sold the solitaire, and am now in the process of building the orginal Tarptent, whose design is free. I wasn't quite yet comfortable with using just a tarp, but the original tarptent has lots of protection, and also bug netting so you dont have to use a bivy. I plan on completing the tent at about 19-20oz(including poles, and I also decided to put two beaks on, the weight could be down to at least 18oz). The cost of the tarptent is only about &70-80 to build, and thats waaaaaaay cheaper and lighter than anything you will find commericaly for that price.
Other than that, your list actually looks really good. Your hiking pants arent that heavy, they are nice pants, and the money that new pants would cost could be well spent somewhere else. I backpacked for 4-5 years with jeans (i know, kill me) before I finally switched to convertible nylon pants like you have.