dude as soon as i read the title of this thread i thought 'yes'...
im in a similar situation to you. im a full time student, turning 21 in a few months.
pay a bit more than 10k, around 13 or so should get you into a decent one.
buy it stock, enjoy it for a while [trading up from a mondeo it will still be bloody fast]... then when you get the cash let the mods begin, at least this way you can do exactly what you want, and do it RIGHT. this is all my plan anyway.
as for reliability... ive only had mine for 3 months or so but im absolutely amazed at how it is holding up.. not 1 thing has gone wrong yet. buying a standard non-thrashed one would help in this department also.
i hope you get one and realise what shitters holdens/fords really are. i did and i havent looked back since
Ric