I don't know much about cameras, but I do know a thing or two about editing software. So, here goes;
Free Software:
The best free software I can think of off the top of my head is probably Windows Movie Maker or iMovie (depending on your operating system of course). They both come integrated to your computer if you have Windows or OSX so that's pretty neat. I've used Movie Maker a bunch and iMovie a little and I have to say for free they can get you pretty far. Of course you wont be able to do everything you could do with a full program that you pay for. Pretty much you only can chop up your clips, put them in a different order, export in 1080p, add audio, and all your other very basic editing capabilities. But you only get one layer to work with, which you may soon discover is not going to be enough. (Meaning you can only have one visual asset on the screen at a time)
Payed Software:
For payed software I'd recommend either Sony Vegas, or Adobe Premiere. I've worked a lot with both and can say both are pretty top-notch. Although depending on your budget you might have to go with the former. The latest version of Vegas will run you down ~$100 and Premiere (CC) is ~$20 a month (if you're a student you can get the whole Creative Cloud sweet for the same price, which includes Photoshop, Illustrator, etc.) Which of the two is better? I have no idea, I just use premiere because it integrates with the rest of the software I use pretty easily, because I do most of my stuff on CC apps.
TL/DR:
If you can't pay for software go for Movie Maker or iMove, if you've got a little cash to spend go for Premiere or Vegas
