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