First year student: Is $50-100 too low a rate for a logo design?

I'm a first year graphic design student, but I have had experience working with the local county fair, my old high school, and identity work for my uncle's business. So far I have not been paid for any of this (except for some sign painting, but that was just hourly labor). I have the confidence to say that my work is quality for the level of experience that I have.

I have just been guven the opportunity to do a paid job for a woman with a new business, who needs a logo designed. She is not someone who has much experience working with designers, and it is a very small business.

I know that good logos are worth much more than 100 dollars, but I feel that my level of experience, as well as the size of the company, may make this a reasonable price. I also wanted to offer a range so that I can try to work with her budget. Her first email to me inquired the price, so I know that I will want to first clarify what she needs from me exactly.

So...Should I offer her a range of options as far as pricing/amount of work, or just offer a flat rate and then do as many revisions, extras, etc. as she wants, because it is good for me to just get experience?

Specific prices would be great-- I've read a lot about vague pricing models, and how there are many costs to consider (FYI I have no overhead or other expenses, I am just doing this while at school), but since I have zero experience with prices, I've got no idea where to even start! Thanks.