My thoughts -
-Don't let it drag you down. I've seen folks on here put THOUSANDS into rust bucket junkers because of sentimental value rather than buy a solid truck out west and bring it back for less. I don't regret one bit going to Seattle to get The Blazer vs having to fix some POS from Michigan.
Meanwhile you have school and life to attend to. Don't let a rusty old Blazer cause the rest of your life trouble.
-That said...give it some time. The Blazer needs some work, and sadly has some rust issues, and sometimes I get dispirited about it. I've thought about getting rid of it a few times. I usually can just leave it alone for a while, "breath out" the bad feelings, and have a new take on it again. In my case selling it wouldn't allow me to pay off much, get my money back, and definitely wouldn't make me feel better. If I just leave it sitting in the garage it costs me about $35 per month in insurance.
I sure did feel good on Sunday when I was able to load my guns in the back, fire it up, put the GF in it, and head off to go shoot without any trouble. It leaks, rattles, and isn't smooth but ya know, I love it.
You have to figure out which path is best for you.