Living off campus really only becomes a question for seniors, since Centre only allows a few off-campus slots. The exceptions to this are students who have either a medical condition or can live at home (your home has to be in or really close to Danville). The greatest benefit of living off campus is the money-saving aspect, but there are other perks as well: you have more freedom and more space. Living off campus really becomes a personal choice, because most students want to live on campus; students who do live off campus usually get a group of friends to try to sign up together.
Living off campus includes doing your own cooking and the walk (or drive, if you're feeling lazy) to and from your apartment, which can get old, especially in bad weather. Also, the quality of housing off campus can be questionable, and many of the student-rented apartments are in need of some repair. Oftentimes, this is just some paint or a good cleaning, but many apartments require elbow grease before they reach the level that Centre's on-campus apartments offer. Most parties are on campus, and getting all your friends to trek over (even a five-minute walk) can be exasperating. If living off campus is your dream desire, finding an apartment won't be hard, but working out the leases can be. Try finding the apartment you want to live in the summer before you return to school (when your housing status becomes available), or at least have the names of a couple of good places.