In many university dorms, unlike living in your parents' house, you are free to come and go as you please. You don't have to tell anyone where you are going or when you'll return. You can get up when you wish and go to bed as late as you prefer. You'll also have financial freedom from paying rent or utilities, not an option when living off campus. While your part of the dorm room may be small, you have the freedom to decorate it any way you wish. You can invite friends over without having to check with Mom or Dad first.
Living in a dorm will quickly teach you how to share. If your room has a bathroom, you'll learn to share it with a roommate or roommates. If your hall has a communal bathroom, you'll quickly let go of excessive modesty and learn to shower quickly when there is a lineup. You'll learn to better communicate with peers, such as your new roommates, and you may become more comfortable expressing personal preferences, such as when you want the lights turned off for bed. As there is no one to wake you up or insist that you work, you can learn self-discipline and time management skills, both of which are crucial for success later in life.
Even on a large campus, many students find they don't need a car. You can walk or take university transportation to anywhere on campus. If a class is unexpectedly canceled, you can go "home" to your dorm room rather than all the way back to an apartment or your parents' house. In the dorm, you are likely within walking distance of friends and even on-campus activities such as Ultimate games or impromptu board games in the dormitory common area.
Students who live on campus may fare better academically than those who do not. In the dorm, you have access to classmates and study groups. If you have to study for a test, you may find someone in your dorm to do it with. When you see others studying, you are reminded of the importance of good grades. Living in the dorm may also encourage you to take part in academic extracurricular activities in which your roommates or hallmates participate, which will help you focus on achieving academic success.