Favors

In college it's a good thing to do projects for different people. This will give you practice, and, if it gets published somewhere, something to put on your resume. So you might even end up doing it for free... Well when your out in "the real world" free doesn't pay the rent.

Even if it's your best friend it's always good to keep a professional relationship separate. You could give them a discount but don't get taken advantage of! Freelancing is a hard career.