Personally, there is no other way I would recommend doing it. Living on campus was truly one of the best experiences of my life. You are surrounded by people that are strictly within your age range, that share similar interests with you and your roommates, and that are often down to go out on the weekends and party until the sun comes up.
Where you live has a big impact on your study abroad experience. I had the joy of sharing an apartment with 10 other students from across the world. We were all around the same age (give or take 2 years) and shared a kitchen and a living room. Each of us had our own bedroom and bathroom, which definitely prevented a lot of arguments (I can’t imagine sharing a bathroom with some of my awfully messy roommates, love you all regardless). I became friends with these people almost instantaneously, as we were together all the time.
Getting to class was extremely convenient. Back in Canada, I go to a commuter school. I drive to and from school every day in rush hour traffic and have to plan my days accordingly. I can’t stress enough how awesome it was to just roll out of bed and drag my bum to class every morning.
Being so close to resources was maybe the best part of staying on campus. Yes, the food is more expensive, the curfew is a little earlier, and the view of the parking lot can be a little depressing at times, but being so close to help when needed was incredible. I lived 5 minutes away from my professor’s office, 2 minutes away from the beautiful library, and 6 minutes away from a beautiful loch.