Seems to be two camps in this discussion... The hardcore slack users who hate on the Ubuntu "noobs", and the Ubuntu users who claim Slack should only be viewed as a piece of nostalgia.
I have used both distributions quite a bit and enjoyed both. I started out with Slackware, and one things for sure, I learned a lot about navigating Linux systems. Eventually, I got sick of manually compiling/installing every package so I made the switch to Ubuntu. I was actually quite impressed with Ubuntu and its ease of use. I would say the best things about Ubuntu would be ease of use and installing packages using Synaptic. However, you don't really learn how the underlying system works. Recently, I've re-installed Slackware to get back to my roots. I think Slackware is much better as a server or as a simple desktop.
I think both distros have their own place. To the Slackware veterans, you can't deny that Ubuntu has made a huge impact on converting Windows users to Linux. Even if they may be noobs and flood forums with noobie questions, converting users to Linux can be only a good thing, right? Also, personally I have found Ubuntu forums to be some of the most helpful and friendly. Pat and Slackware are keeping it real as usual, enough said.
I just graduated from the University of Waterloo's CS Program with co-op. I did 5 co-op terms of 4 months each, starting at 12$/hour up to 22$/hour for my last one (Canadian dollars). Since our program is well established, our school has gathered statistics on average salaries and most companies will look at the pay chart and pay on par with that give or take. I don't know if Gatech has similar resources, you should try to find out from your school.
But like everyone else is saying, think about the future, not just making money in the short term. Obviously, if you are relocating for your job you're going to have to be compensated. But, definitely go into something you are interested in and would like to see yourself doing after graduation.
Philosophy: A route of many roads leading from nowhere to nothing. -- Ambrose Bierce