Select a group of students to be your roommates. Besides keeping you company, they share the rent. Choose roommates that you know and trust.
Learn the public transit system. A permit to park on campus is often expensive and in larger cities public transit is a quicker way of getting around.
Choose a neighborhood that's close to campus and predominated by other students. This offers you a broader social spectrum and less fear of the neighbors complaining about your weekend parties.
Find an off-campus house with affordable rent. As a general rule, the more roommates you have, the bigger the house and the lower your share of the rent. Your rent should be lower than the cost of dorm living.
Throw a party. No off-campus living experience is complete without a wild soirée. Purchase a keg or two and invite other college kids from your neighborhood. Your friends living in the dorm are sure to be glad to get away and to envy your independence.
Cook your own food. Your off-campus house has a kitchen and using it saves you cash.
Take online courses. You receive the same credit for these courses and never have to leave your house.