Eventually I realized that it just made sense to suck it up and get my own hardware, as it was either going to be esoteric "workstation" hardware with a fifth of the horsepower of a Pentium 75 or it was going to be in a room like the UPL jammed with CRT's and the smell of warm Josta.
How do students operate these days? Unless one is interacting with hardware, I'd be very tempted to stay in "fits on a laptop" space or slide to "screw it, cloud instances" scale. Anyone with contact in the last 5 years have a sense of how labs are being used now?
It's firmly in "not a laptop" scale, and for anything that fit it was much faster than all the modern cloud garbage.
The other lab I was in around that time just collected machines indefinitely and allocated subsets of them for a few months at a time (the usual amount of time a heavily optimized program would take to finish in that field) to any Ph.D. with a reasonable project. They all used the same in-house software for job management and whatnot, with nice abstractions (as nice as you can get in C) for distributed half-sparse half-dense half-whatever linear algebra. You again only had to share between a few people, and a few hundred decent machines per person was solidly better than whatever you could do in the cloud for the same grant money.