Try EureScribe
http://softwarepuppy.com/search/EureScribe.html
I used it a couple of times and it was really effective. It's paid though, but you can download a trial version

Hi there, I am setting up a new business aimed at helping students find transcribers and also find part time transcription work. I would be very grateful if you could take my survey (should only take 3 minutes max)?

Here is a cheap transcription service software on the internet. Hope it will help you:

Express Scribe, InqScribe, Dragon speech recognition are some of the software which can help you in transcription of your audio your video files but in my option these software won’t help you my friend, because it requires lots of concentration and is very time consuming to transcribe your video or audio file. Whereas when you go with a transcription service provider like Transhiva then you will be confident enough that you are getting 99% accurate result.

Imagine words like - Whole or hole, dear or deer, night or knight? Automatic transcription services would definitely recognize these words. Audio transcription software is anything but friendly to homophones. On top of that, it is sort of antisocial: no multiple speakers and no foreign accents..

My suggestion is use one of transcription services like gotranscript. They offer special discount for colleges and universities.