Most design schools have programs where students put their skills to the test for class credit or experience in the field. Often, their services are much cheaper than someone who already has a degree.
Watch out, though, because this option does have some risk attached to it. You are, after all, taking a gamble on a student who may or may not fully understand the rules of design. However, you'll be saving a good chunk of money in the process, up to hundreds of dollars!
You can even hire the student to work with some parts of your room, while saving the more difficult tasks for someone with more experience. For example, having a student help you arrange furniture in your space is a great idea, but talk to a professional about what type of fabric you should get to recover your couch and loveseat.
If you're willing to take the risk of hiring a student, the reward could pay off big in the end -- it's possible that he or she could turn out to be the next big thing. In that case, you've had the Picasso of designers work on your room, which is a priceless perk!