From the title and text of your post, I think you need a track day. I agree with what others have said re: using good judgment. It's an opportunity to try to work out the racing line get your feet wet. Not fling the car aound at 110%. If it's really a lifelong passion, then take the first step. Nothing is risk-free, including driving on the street. "Believe in the person who signed the entry form."
Oh...and speaking from an instructor's side of the car: I would be a lot more comfortable jumping in your G20 that you can't really afford to wad up than a brand new Z06 or 911 that someone can afford to wad up.
New students with fast cars get an extra lecture. 
On a college budget, my recommendation is to go the autocross route.
You can afford to run several autocross events for the cost of a single track day. And the costs of those multiple autocrosses will be spread out instead of one large lump sum for a track day.
The equipment you need for an autocross is to simply show up with a safe vehicle. Loaner helmets are available at most events and fellow drivers will likely be more than willing to loan you use of a tire gauge and an air compressor to air up your tires.
Can't get much cheaper than that for starting out. If you find yourself bitten by the bug and wish to pursue it, you can gradually add to your own stock of gear, such as helmet, air compressor, tools, jacks, extra wheels & racing tires and car modifications on a gradual basis.
Stick with running autocross until you can afford to make the move up to on-track events. Then you will find that you have all the gear you will need and improved driving skills that will complement the move to open track driving.
I would agree - autocross first, track later.
FWIW, if you plan to buy a helmet, get a full-face one. I bought an open face for autox only to discover later some track venues/organiziations require a full-face.
I bought my E30 to to do both... but since it seems to break every time I autox it, I'm a bit gun-shy about taking it to the track. I'm not sure about driving a car in that situation I have almost zero confidence in.
Thanks for all the advice, I'm totally open to trying to get into autox. I think you guys are right that it would totally help me when I choose to go up to the track and just to let you guys know I'm definitely not looking to mash my foot to the floor and scream through the turns, I'd like to hit the track to learn how to nail the corners and overall safe car control. My car is in good repair with low miles but I am planning on upgrading the brakes and getting a set of coilovers and a good set of tires.
The one thing autox pounds into you that should translate well to track driving is the concept of looking ahead. The machine-gun rate at which elements come at you during an autox run really forces you to learn this.
Conversely, I've heard of autox-ers who had trouble dailing back the intensity level when on a track and getting exhausted quickly since even a short track stint is still a lot longer than an autox run.
Don't mod the car, so that you have the option of being competitve in autox if you like it.
Shocks, tires and brake pads are allowable upgrades in stock class, and are about all you need anyway.
Tires are the #2 biggest performance upgrade, with the driver being #1.
If you want to play with the suspension, get some 'crash bolts' and some Koni Yellows. Add lowering springs later if you want. They will be consistent, unlike any cheap coilover--allowing you to work on #1.
kazoospec wrote: Not track, but as for autocross, if you're in West Michigan, you're in luck: http://www.myautoevents.com/pls/mae/frmEventDetail.Show?psevent_id=13063 The Furrin Group has an autocross at MSU this weekend and they are a GREAT group to start out with. I'm planning to be there Saturday if family stuff doesn't interfere. If I'm there, look me up (greenish/blue Miata - #91 ES) and I'll try to help you out. EDIT: You definitely want to pre-register online. Their events have been getting more popular and they've had to turn away people trying to register the day of the event.
In addition to this event, since you're in Grand Rapids, West Michigan Region SCCA is doing an auto-x on Grattan Raceway Monday September 3rd. http://www.motorsportreg.com/index.cfm/event/event.advert/uidEvent/B658C9BD-C0CF-15DA-D911E2C75F465B95 This is a great mix, as it allows for actually "driving on a track", while keeping it near auto-x speeds. Basically they use the whole track minus the straightaways, and just throw in a chicane or two wherever the track would be too fast otherwise.
I plan on running this auto-x, and then a full fledged track day the following weekend with 3-Balls Racing at Grattan Raceway. They (like a number of other groups), offer a "novice" class which typically offers a ride along instructor during the first session, and/or a slower paced first session to get the hang of the track without worrying about trying to go fast.
If you've never been to a track day, I'd say just go hang out at one. It's fun to see what's there, you can often grab a ride or two, and for ~$20 or so you can go do a lunch touring session, to at least drive at a spirited pace around the track.
As a college kid I did track days with my DD. I also didn't have a big loan and an expensive DD. I knew my risks, but I also knew if the worst case happened (blew it up, crashed it, etc.), it wasn't the end of the world... i.e. I didn't need it to get my kid to daycare, for a fancy job commute, etc. Being a broke college kid has it's advantages in that you also don't have that many responsibilities, and you can bum rides to class or take a bus, ride a bike if you need to.
Xflowgolf wow that exactly want I'm looking for, I'm actually gonna request the day off work and plan on attending this just to see what it's like, thank you.
D_Howard wrote: Xflowgolf wow that exactly want I'm looking for, I'm actually gonna request the day off work and plan on attending this just to see what it's like, thank you.
no problem!
Being in west Michigan is great with close proximity to Gingerman and Grattan raceway. Definitely sign up with the Furrin group, as they're a great lower key way to go start auto-x'ing. Sign up for their mailing list and they'll email you updates on upcoming events. They also list non Furrin events in and around Michigan on their website: http://www.furrin.org/Events/CalendarofEvents/tabid/70/Default.aspx
D_Howard wrote: Xflowgolf wow that exactly want I'm looking for, I'm actually gonna request the day off work and plan on attending this just to see what it's like, thank you.
As for the September SCCA race at Grattan, if you're looking to drive, be sure you check the regulations when you sign up. Last time I ran, you needed to submit a list of previous events you had attended, essentially to show you weren't a total noob. That was a couple of years ago, so it may have changed. Grattan is a deceptively tricky track. Had my first real motorsports "change of underwear required" moment there . . .
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