Madrid: Ciudad Universitaria area lodging in July?

hello message board,

I am a graduate writing student studying at the Suffolk Univeristy of Madrid this next July:(Calle de la Viña, 3 28003 Madrid) ...

we have been given one of two options for our accomodations:
1) stay at: Colegio Mayor Chaminade (Dorm)
Paseo Juan XXIII, 9 28040 Madrid
(which is within close walking distance of the Uni)
or
2) find our own accomodations

Now here is my main question:
do i just take the offer and stay in the lame dorm
with all the underclassmen,... or should I stay somewhere within walking distance (or a short MEtro commute) of the university, (if i can find a hostel that is in a comfortable place), or can I find some place that is maybe a little further away, but then i'd have to take a bus to class everyday,...?

I'd prefer to walk, but does anyone know if there are any cost effective accomodations for the month close to the above location? or a good place to stay with a short commute...?

any help on any or all of this would be nice,...
I am glad I found this message board,
and am looking foward to getting some suggestions,

thank you in advance,
Joseph

Hello Expatriate! Welcome to our ALL SPAIN Message Board!

Please see the FRONT page of our message board which states: I've updated your subject for you to reflect the city location of your question.

Good luck to you. Saludos, MadridMan