Upgrade from 5D I (classic) to mark 2 vs Buy new L lens

If photography is your hobby, i think you should keep 5D and not even spending $$$ to the new lens unless you have extra $$$ or your current lens get worst.  Instead saving $$$ for your college education. I guess by the time you graduate and get a better job or whatever career it may be, you can easily upgrade to what you want

In short, i would say, spending $ on good lens since it will last long time.

Good luck.