I have lived on campus at my university for two years now. There are definite perks, but there are also awful drawbacks.
Pro #1: You don't have to drive around campus looking for parking...or worry that your bus is going to catch on fire.
Con #1: You have a 15 minute walk to class everyday.
Pro #2: There are plenty of places to eat, thanks to dining halls.
Con #2: Dining hall food is gross and meal plans are expensive.
Pro #3: Maintenance and housing can fix all your problems!
Con #3: ...Except maintenance never actually comes around and nothing ever gets fixed. And your hot water doesn't work. And when they do come, they come in without any warning.
Pro #4: It's cheaper than off campus.
Con #4: It only lasts for the academic year, and fully moving out just to go home for 3 months is the worst thing ever.
Pro #5: You feel more involved since you're literally on campus 24/7.
Con #5: You can't escape...because you're literally on campus 24/7.
This coming fall, I'll be moving off campus for the first time. I'll be sure to update how the experience differs!