I am also a full time student at a university around that size. My backpack and contents are pretty close to the same thing. Generally speaking yours looks like a pretty good kit, that is if you have a good PSK and FAK in the bag (I may be missing something in your post).

I carry a fairly complete midsized Atwater Carey FAK and a PSK in my side pockets of my backpack. Details can be seen here: My EDC/Backpack kit

Is that some kind of twine in your kit? If so I would switch to Paracord...IMAO. I understand how you feel when setting up your backpack. Sometimes my bag (Targus Matrix) can weigh close to 40lbs with all my books!!! My backpack is primarily carried for school materials after all and isn't a BOB just like you said.

I hope my rambling is helpful