Not clear on what size you ride, so there's a range here too. Also I limited my search to road bikes. There's some interesting mtbs I passed up that would still make good campus commuters.
[h=2] 1980's Lotus vintage bicycle - $100 (Raleigh)[/h]
1980's Lotus vintage bicycle
[h=2] An extremely good Giant Perigee Road bike for sale - $120[/h]
An extremely good Giant Perigee Road bike for sale
[h=2] Puch Alpina - $90 (Apex)[/h]
Puch Alpina
[h=2]Vintage Schwinn Traveller for sale - $150 (Durham)[/h]
Vintage Schwinn Traveller for sale
[h=2]1973 Schwinn Super Sport- 63cm - $150 (Wake Forest)[/h]
http://raleigh.craigslist.org/bik/4866060305.htm