This is less for the hardcore commuters and more for the students who either sometimes commute by bicycle or are considering it and are browsing this forum for that very purpose.
Seriously. Way too many advantages. For one, your morning schedule is probably more flexible than your average 8-5er. So instead of sleeping in until 9, you can wake up and get a good start to the day. Also, you should have some sort of gym on campus with showers. At my school, you can buy a towel card for 15 bucks a semester and get a clean towel every time without having to haul it yourself. Some schools might even offer this for free. Lockers are available for rental if you can't carry everything. Bike racks are everywhere and are usually well lit and in very public places.
Really, with minimal planning, the only thing standing in the way of you commuting to school is yourself. You don't even need a fancy bike or panniers. Just pick up your bike and throw on a backpack. Upgrade later if desired.
/end bike commuter proselytizing.