I'm well past my college years, but bike commuted all through my years at UGA-Athens. I quickly found out that a bike was the quickest and easiest way to get around campus, and I continued commuting after I moved out of the dorms. In fact, I had a motorcycle when I started college, but sold it during my freshman year because it wasn't that practical.
I used a cheap cable lock and never had a bike stolen, but my bikes were not very high quality. Carried my books in a backpack most of the time, although I also had a rear rack. Funny thing was that I rarely ever rode for fun or fitness, it was just basic transportation for me back then.