I'll grant you it wasn't designed to stay up for years like a government or commercial satellite, but they built it for less than $50,000 (not including the launch itself). Interesting story :
"A satellite built by Naval Academy midshipmen with off-the-shelf parts from Radio Shack is exceeding all expectations, sending and receiving messages from ham radio users around the world. ... Three years ago, when midshipmen and members of the aeronautics department approached the school about building a satellite, officials balked at the half-million-dollar price tag. The group returned with a plan to build one for less than $50,000. ... 'This satellite has already surprised us,' Smith said, 'and it will probably continue to.' "