Enjoy collegiate racing, totally made my college experience. All my friends came from the club and it has lead to post-college life in much the same way.
ECCC is super competitive, but make friends and be conservative in your upgrades. Stay in a category until you are winning, not just finishing!
Your bike is fine. Save your money and use it on things that will further your training (better clothes or a nice trainer!). Take advantage of the shop discount. You'll miss it once you have to get a "real person" job and realize how much the basics (tubes, co2 etc) cost. I raced all 4 years in college (including working for our team to win the NWCCC and drivingout to nationals) on a caad10, upgrading components as they broke or I crashed on them. Hell, that frame is hanging on my wall still and I'm considering building it up again for a couple of local crits I don't want to do on my tarmac.
Hit me up if you have any questions about collegiate racing.