at a 500k/30yr term life plan, Get a disability waiver of premium rider?

Yes, I think you should and I suggest it to my clients. You never know what can happen to you and if you get 10 yrs in and have a stroke or fall off the ladder putting up christmas lights then become disabled, you'll be so thankful you did this.

that's what I was thinking. Seems rather cheap, all things considering.
Is there some actual insurance that you suggest in case I became disabled? This wavier would only cover the premium, but I'd still be without any income or way to work.
I guess I'm thinking of something like AFLAC.

if you have no income right now then a disability policy wouldn't work since it's based upon you losing income but at State Farm we have a policy that would pay you a certain predetermined amount per day you were in the hospital or another amount if you had to go to the ER for an emergency. Back in the day it was meant to be a supplement to help pay for things like your hospital tv, phone, copays/deductibles. It pays straight to you not to the provider, and does not depend on your insurance for any of the pay out. Same basic premise as what people know the AFLAC policy to be. I'd look into something like that for now until you graduate and get a job.

Any major health concerns?
Smoker?

No, but the whole "smoker" question was crazy. They asked if I'd smoked in the past 5 years and I mentioned I had cigars once a week for a few months 4 years ago. The rigidity of the qualifying questions was difficult.
But... no.

Yes that one is always a tricky one. I'm sure some people flat out lie.. But the testing will only go back so far. (I may or may not have bent the truth on mine by a year or so).
The waiver of premium for disability is just that- it will cover the cost of insurance after an exclusionary period. Find out what that is. Keep in mind this is a term policy- normally they are used to cover short term needs. As you get older, the cost of insurance will become more expensive. So, you are locked in for $60/month until you are 60. Then the rate may jump up drastically. At the end of your 30 years, what is your plan? What is the need you are covering with the policy? And if you have enacted the WPD when you are 59, will your policy non-renew at 60?
I am a fan of life insurance. It's the responsible thing to do. However (here comes the blasphemy) I like permanent products. I know the whole "by term and invest the rest", but honestly... it's not so much an investment as it is a slow savings account with a death benefit.
I'm not saying what you are looking at is bad. In fact, even with the WPD, it's a good rate. I guess I just wanted to point out what it is and how it may or may not work the way you want with your policy.

I'm in a pretty tight financial situation right now, but I've got people to take care of so term life at 500k is something i can do now. Hopefully in a year or two after I've got my masters and a decent salary I can start looking at how the long-term plans of all of this fit together.

If you are in a tight situation and looking to convert it... I don't know how valuable that rider would be for you. However, if you can swing the extra $6/month... It won't hurt if you don't end up converting it for a while (except the increased premiums).
Also, in Tx, you can take a years worth of paid premiums for the base policy and use it towards a permanent product if you do it in the first five years (well, with my company). Do get as much as you can comfortably afford to avoid a face value increase triggering re-underwriting.