Well being a school project, all of the school's tools and machines definitely helps!
I am guessing ill have close to $600 into it in all. I have about $330 into the 3/16" sheet metal. The 1" angle iron in all is about $100. The 2" angle iron was all traded for a couple cases of beer from a very close friend so that was definitely a big help! The durock will be a little over $50. Paint and final finishes will take up the rest of the cost.
Yeah it seems like a lot but for the price of some of the larger gun safes it really isn't that much. The only thing with making your own is its not fire proof rated. I am putting the durock to help with fire but who knows it if it'll work. It surely couldn't hurt. Also with making your own you dont have that security of your safe being completely functional at all times and when its not functional, your the only one to blame.