You should consider living on or near campus, and not only for the carfree reasons. "Campus life" (I know, it's a lame term) is an interesting part of the college experience. Obviously there are parties and lots of sex, but also study sessions, intramural sports, convenient facilities, and a chance to meet people from all over the world. Not to mention free broadband.
I had to commute to college, so I missed out on a lot of this experience until I got to graduate school. If I could do it over, I would definitely live close to campus.