Short answer is: it all depends. And I'm surprised that the school hasn't told you what they'll pay you--a less good set up for you but more typical.
Here are a few things to think about
1. Write a careful contract or, if they give you one, read it carefully.
Many institutions--nonprofits like universities & museums, but also many corporations--will insist that they hold the rights to your work if it was done on their premises or on their behalf. I'm more familiar with this problem in engineering design and patents, but the principle is the same. You don't want to discover in a year or so that your college is selling your work for profit without crediting or paying you.
2. Consider how long it will take you & what you need to earn to pay all your bills during that time. Double that number. Use that as a base point to start figuring.
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- Raise the number if you have a lot of relevant experience
- Raise the number if this is a rush job.
- Lower the number if you've never done this kind of work before.
- Do [ITAL]not[/ITAL] lower the number because you're desperate for work or want to be seen as a good guy.
- And so on.
Good luck