We still don't have enough money to bring everyone out of extreme poverty, even if EA spent all its money. The fact that I can still save a child's life with my donations really motivates me to help where I can.

That said, as a student, it might be worth saving until you've finished your studies, especially if you don't have a safety net to fall back on (like parents or a spouse).

The other people gave reasons why you might want to donate money on the margin. But my personal guess is that in most cases, college students in EA probably should not be donating large amounts (to them) of money, and instead invest it in either improving their own career capital, or (if they don't have good social or governmental safety nets) saving.

Almost all of your wealth as a college student is in human capital, so investing $s in ways that lets you either do direct work later or donate much more later is likely the best route to impact for your money. 

To my eyes, honestly the strongest reason to donate money for most people in your position is something like "identity formation": you might consciously want to form an honest self-image as someone who cares about others and is willing to make large personal sacrifices to do so. I did this when I was younger, and I'm glad to have done so. But on the other hand, I value money now much less than I used to, and if I could send money back to my past self, I would gladly do so.

There have been a few posts discussing the value of small donations over the past year, notably:

1. Benjamin Todd on "Despite billions of extra funding, small donors can still have a significant impact"
2. a counterpoint, AppliedDivinityStudies on "A Red-Team Against the Impact of Small Donations"
3. a counter-counterpoint, Michael Townsend  on "The value of small donations from a longtermist perspective"

There's a lot of discussion here (especially if you go through the comments of each piece), and so plenty of room to come to different conclusions.

Here's roughly where I come out of this:

• What's the relevant counterfactual? Many of these comment threads turn into discussions about earning-to-give vs direct work, but if you have $1000 in your hand, ready to donate, that's not the relevant question. Rather, you should ask, "if I don't donate this, what would I do with it instead, and how much impact would that have?"
• You say "I know that professional grant makers think that last-dollar funding is not cost effective because they aren't funding more projects, but aren't out of dollars." I think this frames the issue incorrectly. It's not that big funders know that other projects aren't cost-effective, it's that they don't currently have enough projects that clear a certain cost-effectiveness bar. But crucially, that bar is still far above zero!

This means

• there are probably many opportunities that are just as cost-effective that they haven't found (potentially you have information they don't that you could exploit; see this section of the above ADS post)
• marginal donations should have a cost-effectiveness at worst just below that bar, which means you're only doing a little worse than the big funders. (This point taken from Benjamin Todd here.)

My answer is that you should primarily be focused on saving, so that you have the financial freedom to pivot, change jobs, learn more, or found an organization. Previously, I recommended new EAs (esp. college students) give 1%, save at least 10% (so that they were building at least some concrete altruistic habits, while mostly focusing on building up slack).

I think this remains good practice in the current environment. (Giving 1% is somewhat a symbolic gift in the first place, and I think it's still a useful forcing function to think about which organizations are valuable to you). But also, as long as you're concretely setting aside money and thinking about your future, I think that's a pretty good starting point.

Reframe the idea of "we are no longer funding-constrained" to "we are bottlenecked by people who can find new good things to spend money on". Which means you should plausibly stop donating to funds that can't give out money fast enough, and rather spend money on orgs/people/causes you personally estimate needs more money now.

Are there any good public summaries of the collective wisdom fund managers have acquired over the years? If we're bottlenecked by people who can find new giving opportunities, it would be great to promote the related skills. And I want to read them.

Others will have better answers, but I have decided to keep donating some if my income to global health and development orgs (despite leaning pretty strongly longtermist) on the basis that:

a) non-longtermist orgs are, AFAIK, not totally funded; and

b) I won't miss it that much, and so it won't really impact any direct work I do

Even if some of the big near termist stuff is funded enough in the near future (e.g. LLIN distribution), seems like there could still be lots of cool unfunded opportunities (e.g. paying for mental health support for people in low to middle income countries).

More money in EA just means that it makes sense for us to have a lower bar for cost-effectiveness in our donations and spending.

It doesn’t actually change any moral obligations surrounding donations.

However, the lower cost effectiveness bar makes it more likely than before that the most cost-effective donations could be to incubators like CE and new orgs like CE charities, since it’s more likely than before that these orgs could meet our new, lower cost effectiveness bar.

The lower cost-effectiveness bar also means that expected value maximising, hits-based giving based more on theory and less on evidence makes more sense than before, because it’s more likely to meet the lower cost effectiveness bar.