Well, the thing is, there is no United Nations of Design Freelancers to set a concrete price. I can't tell you what you should charge or what your time is worth. Freelancers calculate all sorts of things when figuring out a base rate (secondary income, business and personal expenses, nature of the job, cost of living in their state, level of expertise in the area).
Keep in mind that you're still in school. You aren't a professional yet, so you can expect to charge what you may consider a professional rate. Also, this is a new small business that probably couldn't afford it anyways.
The best thing to do is negotiate with your client. Figure out what they're expectations are as far as price goes. They may not now how much logo development goes for, but they do know what they can afford to have it go for.
Between the two of you, you should be able to come up with some number that is satisfying. This is a good experience in client relations. For the rest of your life you will ALWAYS have ... more.
I cant really gove you an answer,but what I can give you is a way to a solution, that is you have to find the anglde that you relate to or peaks your interest. A good paper is one that people get drawn into because it reaches them ln some way.As for me WW11 to me, I think of the holocaust and the effect it had on the survivors, their families and those who stood by and did nothing until it was too late.