When I'm moving between classes, I sling over my shoulder an Absolute Shoulder Strap connected to the 2 metal loops of a Carradice Pendle saddlebag. When I'm biking, I latch the saddlebag to a Bagman2 Quick Release Sport Rack and tuck the shoulder strap into the main compartment of the saddlebag. So basically when I'm on campus I have a shoulder bag that hangs behind me and when I'm biking around town or commuting I have a setup that looks like the image below. My only complaint is that I probably could have gone with the bigger Nelson Longflap saddlebag, but I make do just fine with the Nelson.
I really enjoy this setup. It has made commuting, running errands, and light touring much more enjoyable, but my poor backpack is lonely now.