Best places to live around Loyola Water Tower Campus (Chicago: for rent, neighborhoods)

[PhillyVBoy]

The basics: I am a 25 yr. old male moving to Chicago to attend graduate school at Loyola's Water Tower Campus. Ive lived my entire life in Philadelphia so I feel very comfortable living the city life. I have family that lives out in the west suburbs and in downtown Chicago. Ive visited 20-30 times so I am familiar with Chicago to a certain extent. Basically what my family hasnt been able to effectively answer is where the best place is for me to live in Chicago.

Basically what I am looking for is:
-Convenience to Loyola's campus (walking, bus, or train)
-<$1000 per month rent
-Social area with people in my demographic
-Suitable living space (not a dump, not ridiculously small)

If nothing like this exists, please let me know what does exist.

Thanks.

[i blame history]

I go to the same place for grad school, but I live within walking distance to the Lake Shore campus (the move came before the decision to go to school). It's a straight shot down the red linenfrom the Granville stop, about 30-40 minutes. I pay $880 for rent and it's a decently sized one bedroom including heat. I'm also in a very quiet residential area surrounded by homeowners, and I love that.

Down BY wtc, however, I doubt less than $1000 is even possible for a studio (but I'm not an expert). I know Loyola has some graduate student housing, but I don't know the first thing about those costs. As far as I can tell, that area isn't extremely attractive in terms of social hot spots. I don't do bars or clubs so someone else might be better suited to answer, but it's more touristy there than anything. You'd be able to easily get to those areas, though, just as I could if I wanted to. If you're close to transit, you can get away with living a good distance from the nightlife, save money on rent because of that, and still get there with no problem.

[Drover]

The water tower campus is readily accessible from most corners of the city via train, which gives you access to a number of neighborhoods that suit your criteria. And that's a good thing because IMO the neighborhood around the water tower campus doesn't quite do it. The nightlife near there is geared a more toward and older, up-market demographic and tourists than students in their 20s. How long of a commute (time-wise) are you willing to consider?