I want to get a new rod and reel but I'm considering just a reel. Keep in mind I'm only a high school student.  I only use one setup. I'm not going to have 7-8 rods and reels for different techniques.  

I have $100 dollars at the moment and I planned on getting $50 more to buy a new rod and reel but right now I have ugly stick  6' medium rod. Should I just buy a whole new combo for $150 or is the ugly stick good enough with a $100 reel?

I would get a daiwa fuego on ebay for 75 bucks and pair it with a lightning rod. Spend the rest on line and baits. 

Having experienced rods and reels at pretty much every price category that the fishing industry has to offer, from $10 spiderman combos to $800 Megabass/Daiwa limited edition offerings, if I had $150 to buy a setup for a friend, I would spend $30 on a Daiwa Crossfire or Shimano Sienna reel, and the remainder $120 on a used or discounted Daiwa Tatula, Fenwick Elite Tech, or St Croix Mojo Bass/Bass X. The rod is so much more important in my opinion, and justifies spending the majority of your budget on it, especially at low price points.

I'd replace both. Something like a Lightning Rod Shock with a Pfluegar President would be good and under your price range.