Do think very carefully about not having a professional photographer.
A professional wedding photographer with a strong portfolio of work will have the attention to detail that will really make your photos special. It could even be something as small as moving your hands to that your flowers don't cover up the detail of your dress.
They'll spend time with you before the wedding to find out what you really want, what your likes and dislikes are and will be able to show you a range of work and styles of photography.
They'll be able to corral your guests together and manage them well in order to get group shots - this is a skill in itself.
They'll be able to arrange pose you and your guests for formal shots to make a balanced and beautiful photo.
They'll be able to take all photos without intruding on or impeding the enjoyment of the day for you and your guests.
They are skilled in making sure that the lighting, flash and exposure is correct. They won't just point and shoot like the rest of us do.
They'll spend time taking photos of things as they happen - they'll be ready with the right equipment to get photos that you wouldn't normally expect.
One of my favourite of my wedding pics is of me and DH laughing at each other with my nieces and nephews playing in the background. It's beautiful, well shot and in focus. An amateur or student wouldn't be able to capture that so perfectly.
They will spend time before the wedding getting to know the venue and considering places they can use for formal photos.
They will carry the right equipment to ensure no interruptions - like spare batteries, lenses, flash, tripod, memory cards; again, an amateur won't have these or won't consider needing them.
They will take hundreds and hundreds of photos - far more than you will ever get to see.
They will spend hours reducing the number of photos, selecting the very best ones for you to view.
They will have access to - and be able to use well - good quality editing equipment to make sure that your photos are perfect.
This kind of time and skill doesn't come cheap and it won't come by grabbing a few photography students from a local college.
I know someone who didn't pay for a photographer but got someone they knew with a fancy camera to do it. She ended up with above-waist photos of most of the formal photos, the lighting was horrendous - sun flare in external and too dark on internal photos - and not one of her full length in her wedding dress. She ended up having to go with her DH to a portrait studio in her wedding dress so that they had at least one decent photo of the dress that she spent a fortune on.
You may not think photos are important right now because of the potential cost, but if you're left with nothing but blurry, poorly shot photos from a drunken guest's iPhone you may feel differently.