Scott Eggleston from 'The Frugal Filmmaker' recently uploaded his short film from college, 'Hostages'. Now this is a great example of what you can do on a low or next to zero budget with a short film.
Scott specialises in producing low budget camera accessories and rigs, and has been very successful with his YouTube channel from sharing his knowledge. He actually used some of his low budget rigs in this short film, including his 'Suction Cup Camera Mount' for the POV shots of the car and the 'Frugal Crane' for the high angle shots.
I definitely recommend subscribing to Scott's YouTube channel, he has a very consistent and reliable upload schedule with a 'Q and A' show once a week and usually some type of tip whenever he has one to give.
Below is Scott's short film 'Hostages' -
The videos that are uploaded to the channel, plus extra tips are available on 'The Frugal Filmmaker's blog'.
I also highly recommend joining his facebook group, it has to be one of the best communities for 'frugal' filmmakers to discuss ideas and to ask questions.