The cheapest living that have found in school has been in the dorms. It helped in the beginning to meet other students and offered a good opportunities to learn without distractions.

I have also lived both in apartments/condos for school and in a hotel that converted several floors for college students with all inclusive packages.

Apartment vs Hotel

Advantages: depending sometimes it was less or more expensive at the hotel vs the apartment depending on what is included such as meals, utilities, laundry, and parking/transportation. The hotel offered all inclusive plus security which was a bonus in the town I was in at one point that did not have the other places I lived. Don't discount the value of living near other students though. The apartment/condo was nice because I could control costs for meals and transportation. It also was more private and not as many transient people, feeling more secure for safety reasons.

Disadvantages: both can be isolating over the dorms if there are not other students around. Costs can add up quickly for both either paying upfront or as you go. The dorms with a meal plan are really the only way to cap your costs.

Cost - really get into the specifics of the cost for everything to figure out where you will spend your money to know if all included is really worth it if it is a hotel that offers this then apartment living may very well be cheaper but once you add up rent, meals, utilities, laundry, and transportation, which is less?

It is not worth going into significant debt over housing, the stress is not worth it.

Good luck finding what works best for you and best wishes in school.