Not a bad idea. At Alexander's Steakhouse, you pick your own steak and cook it at the community grill.
For starters, the steak's quality here is just okay. It's not the greatest, but I've had worse. And for okay steak, I feel they are overpriced in general and not just for college students.
Their steak challenge is pretty interesting though. If you can finish a 3 lb (48 oz) along with the side dishes and salad that comes with this challenge, you win a free meal. The rewards of this challenge has changed from time to time (i.e. the steak is free, you get a free steak next time, or you get 50% off next time, etc). I've tried this before. It was pretty fun and I got my picture taken and placed on their wall.
Overall, Alexander's is a good break from the national chain steak restaurants. You'll pay a little more than you want for some decent steak. Oh and as a warning, if you can't grill a steak, then you'll have to pay an additional fee to have the chef cook it.