I have an Asus pretty much the same specs, I'm very pleased with it. It runs really fast and it doesn't get hot like HP laptops.
If you intend to use it for gaming it's alright but if you're a student I'd recommend you take a look at these other laptops http://www.mawista.com/blog/en/cheapest-high-quality-laptops-students/
there are a lot of cheaper laptops on the market but they don't really offer long term satisfaction. They either have slow processors or bad GPU.
The Asus has a 3rd gen processor which is more newer than the HP. And it has Win 8 which I personally really like, especially the simple and elegant design.