My commutes to the two different colleges I go to are both 5 miles. I can drive, but I don't feel like paying for parking and it takes just as long to ride there (~25 min all uphill with lights) as it does to drive and try to find parking as there are ~1000 spots for all ~3000 students (community college).
As for theft, I don't give it a chance. I bring my bike into class with me. I see a few other road bikes on campus, but I don't feel safe locking mine up, unless absolutely necessary, as it is probably the best one.