The university thing isn't a huge problem. They mostly just want to make sure that you're not going to go on welfare, so including things like support from parents, savings, plans for a job after university, part time income, what kind of qualifications you have, etc, is all a good idea and will almost certainly get her approved as a sponsor. You just basically need to prove you can support yourselves.
You have no chance with the conjugal application. It's designed for people who for whatever reason cannot get married (some countries don't allow divorce, for example, and so a married person cannot get re-married) and that sort of thing. Something like less than 2% of conjugal applications are actually approved.
If one of you is under 30 can you do a working holiday in the other's country?