I lived in Chicago for a year in the half. I stayed in Chicago in Pilsen neighborhood just south of the loop. Everything is indeed expensive. When living in Chicago don't need a car. They have a well developed transit system which includes, buses, trains, and metra trains. If you can't get there by anyone of these systems a regular Chicagoian just aint going there. lol I'm pretty sure most schools have transit cards which gives their students unlimited rides on the CTA.
I would personally stay on campus until you were more familiar with the city. It is overwhelming. Best of luck.
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