I don't know whether writing your homework or any other stuff implies managing some bibliographic entries or not. If this the case, then the best argument (IMHO) to defend Latex + Bibtex is that it is far more easier to change the way references are displayed--in the body and in the References list--as compared to Word-like editor.
Another advantage of Latex-based solution for those involved in scientific work is its facility to format and display Tables (try to insert some big tables in landscape mode into an A4 portrait Word document, while correctly handling Table caption whihc should go under the table, hence in landscape mode too, and page numbering in the footer, hence in normal mode!).
Finally, again in a scientific context, there're many facilities to interact with Latex through the statistical software R, for example. This allows to export properly formatted Tables, generate automatic reports, encourage reproducible research, etc. I don't even speak of producing graphics directly from within Latex (with pgfplot, tikz, and the like).
As a sidenote, I should add that it probably requires less work to transform a document formatted as an article into pretty slides or handouts with Latex than it is with Word -> Powerpoint (I say probably because I don't use them).