Living on the university campus has its advantages and disadvantages. The same goes for living off campus.
The great advantage of off-campus living is privacy, as on campus you will have to share housing with roommates, have to share the kitchen and bathroom, will have little space, lots of distractions and may even not getting along with your roommates. However, living on campus will save you money, as your campus accommodation does not include federal taxes (which you will have to pay if you live off campus).