Selling app to a university. What to price it at?

I hope this question is asked in the right spot.

I'm new to iPhone development (and freelancing in general) and recently started making an iPhone app for the college I attend. I'm hoping to sell it to them, but I have absolutely no idea what to price the app at.

I don't want to price it too low, but I don't want to price it so high that I get laughed at. I really think the college could benefit from the app, and it will only take me about 30-50 hours to make. Has anyone done something similar to this? Any tips on what initial offer I should make, or (on a separate note) how to give a convincing argument that they could benefit from this app?

Thank you in advance.