I lived in a frat and moved out into a dorm. I highly suggest living at the college campus. I don't know what's the cheapest, but you will definitely have the most fun living on campus. I commuted to a college for summer class and it blew. Living on campus, you never have to drive (cuz driving = expensive, and dangerous if you're drunk) if you don't want to, it's easy as hell to meet people, shit is always goin on (parties and such), and in community living (dorm, frat), there are always dozens of people around to hang out with in your leisure time and to help you with your homework. And if you don't like somebody, just walk ten feet to the next room and strike up a conversation with them. if you like video games, it's LAN game heaven. i love living on campus and I think it fosters some of the best memories of my life. It's something i suggest everyone try.
PS: oh yeah, no crying babies, annoying little kids, and no old neighbors that complain. Just a bunch of college kids that like to party.