The used Rega deck that was suggested is fine though I prefer my suggestion of Technics SL 1200 Mk ii or iii for about $250 (where I live). You can check out Craigslist if you have access to that or go to a pro audio store that does rentals and ask if they have any to buy.
A technics deck will come with a tone arm and probably a cartridge like a Shure. Later when you get more into vinyl you can try fancier cartridges. BTW needles are separate things that are attached to a cartridge and have to replaced every now and then.
Then you will need an amp with phono inputs like the Marantz that was suggested. If the amp doesn't have phono inputs then you will need what's called a phono preamp. The preamp is to boost the turntable's signal and apply what's called RIAA equalization.
After the amp part is sorted out look for some speakers but you won't have too much money left over probably.
Here's sort of a budget:
Turntable $250 - $300 SL 1200 Mk III or II
Used amp $200.00 anything solid state with phono inputs
Speakers Used $400.00 Totem dreamcatchers or Paradigm bookshelfs
Congratulations on your graduation!
I see, thanks a ton for the info and thanks as well for the breakdown! Know of any amps off the top of your head that can support my headphones as well as speakers? Depending on how much shopping around I do I might have to just wait on speakers a bit...