Well, any gaming laptop will last easily many years for general college stuff. My $250 Acer Aspire worked well enough for two years of college XD.
As far as games are concerned...
The GTX 860m will put less demanding games on ultra at 1080p easily, usually above 60 fps. (Dota, Dishonored, Mass Effect 3, CSGO, Skyrim, etc)
It'll put more demanding games on high at 1080p, around 45 fps.
(Far Cry 3, Thief, Battlefield 4, etc)
It'll put the most demanding games on medium, sometimes at 768p to keep over 30 fps. (Far Cry 4, Dragon Age Inquisition, Assassin's Creed Unity, etc)
Cards like the GTX 965m or GTX 970m will put you over budget, and aren't necessary to make a laptop last years for classes, but will help a lot in the newest games.
The GTX 860m is one of the most common cards in gaming laptops.
If you're planning on mostly less demanding games, older games, MMOs, or anything like that, then the GTX 850m will easily be enough.