Need more information to really say (what school? where do you think you'll live?)

In general, if you are lving in Boston or Cambridge, you'll have little need for a car and parking one can be a real hassle, especially during the winter if they declare a snow emergency and you need to get it off the street. The T is quite good and there are commuter rail lines to get you out into the suburbs. (see http://www.mbta.com/) Both the T and commuter rail only allow bikes OFF PEAK, so check those times, if you plan on using them as part of a bike commute.

Riding around Boston/Cambridge is not exactly wonderful, with many potholes, skinny streets and a fair number of obnoxious drivers. There is some really nice riding outside the city and some of the bike paths are glorious. (See http://www.minutemanbikeway.org/, that's about half of my commute.)