Well this is my first real build. And no I didn't actually use my student loan to pay for this, but it was about the cost of a semester to me. I've only been running for a few days but I will give my best insight on all of the components to help others make a great choice. I plan to give more in-depth reviews on the part's actual pages, but here are my thoughts.
CPU: Well, its intel. It's a great processor. I went with the 1151 chipset to compliment the new DDR4 RAM and (hopefully) keep myself updated as long as possible. This thing starts off at 3.5GHz base clock but easily is overclockable to 4.6GHz with no issues. Good bang for buck.
Cooling: The Corsair H60 had great reviews all around, and for $49.99 you really can't go wrong with it. On a budget and still want impressive liquid cooling? Get this!
Motherboard: I ended up getting the Z170-AR, which actually just has no display ports which aren't really necessary to me! Well, this thing was nothing but a headache to get installed. It was very awkward and the IO shield can be very annoying to some. It is pretty rough to get going for a first time builder. There are currently a lot of problems with the BIOS and RAM. It took me a lot of swapping out and forum hopping to finally get my RAM in the right spots and able to be read correctly. Try one stick of RAM with this thing, update to the 1101 BIOS and then turn it off. Install your new RAM and everything should be working correctly. I know, it's a pain.. but once this thing got running it was a beast. The BIOS is very friendly. It is a great motherboard once it is installed correctly!
RAM: Crucial has never been able to upset me. I went a little over the base clock rate of the DDR4 RAM and went with the Ballistix for a bit of an edge.
SSD: This is the best SSD you can pick up right now. The price is very fair and it is a great product. Not much to say about it.
HDD: Simple, 1TB hard drive. $50 and you're set on all the storage you need for basic gaming.
Graphics card: This thing is a BEAST. Literally. It is a foot long so be sure you have enough room in your case. I went with the G1 because of the higher ratings and better cooling. A lot of people say they have had coil whine or noise with this but I have ran several games on high settings and my PC has been totally quiet.
Case: Best budget case ever. It is everything you need in a case for an amazing price. Want a little bigger case? Grab the H440. A $60 case with a good amount of space and a side window so you can see your sexy build.
Power supply: This one explains itself as well. EVGA has great power supplies and you really can't go wrong with them.
Keyboard: I've had this thing for over 2 years now and it is an amazing starter, or even advanced gaming keyboard. It has so much customization and macro-ability that you can do anything you want. Great keyboard for its price.
Mouse: Don't like Razer products? Look no further, this mouse is almost a replica of the Razer Naga, but to me, has a bit of a nicer feel to it. It has many different features such as programmable buttons and the most important factor, programmable LED's!
Headset: Tired of clunky old plastic headsets? Steelseries. I was so fed up with cheap plastic headsets breaking within a year of light usage and just not living up to the expectations. This thing has worked great for me. The mic is not the best quality, but it is a gaming headset mic, just like any other. The sound quality is awesome, and the surround sound switch is a great add-on.
The Witcher III: Wild Hunt: This build was made to handle games like this with ease, and it does just that. Runs high end without a problem.
Dayz: 60 fps. No lag whatsoever. Looks amazing with the newer UI!
League of Legends: Easy game to play on any build. Really not too much to demand, so with this build, it is overkill!
DOTA 2: This game really isn't too demanding. Played it fine on a $350 build. Never have any problems.
CS:GO: Again, I could play this game fine on a $350 build. It runs superb on this build and never drops a frame.