You will have to spend more but Im a huge fan of my folding bike I got from "Dahon"http://www.dahon.com/choosing/choosing-us.htm
Smaller so it fits inside your car if you want to take it on trips or even carry it around. Some models come with a "luggage rack".

Do be careful, if you are a bigger guy you run the risk of looking like a circus bear on this tiny bike.

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check out republicbike.com you can get a customized single speed bike for $400.

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If you're worried about your bike getting stolen, then yes, a cheapie from craigslist is the way to go. But if you're unwilling to concede that your bike will inevitably get stolen, you might as well get the most convenient & comfortable thing possible. I recommend the Dahon Matrix - this bike folds in half, so you can bring it inside with you relatively unobtrusively. You can also store it easily, and toss it in the trunk of your friend's car when you're too tired / lazy to ride, and it won't take up the whole backseat. Best part is, it's a full-size bike, so you don't have to worry about the circus bear effect. Disc brakes, so you won't bump into the cute girl coming out of the coffee shop. Front suspension, so if you do, you'll hardly feel it. Just a caveat: everything on it is removable, so if you are going to lock this to the bike rack, get an extra cable lock to go through all the wheels, and bring the seat with you.

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Check out the Trek SOHO S or the Felt Dispatch

Both are single speed and pretty reasonable in cost. I have the Trek with drop bars and love it.

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I used a Specialized Hard Rock to get around campus a couple years back. It was great. A nice mountain bike that I could use to actually go mountain biking but wouldn't get destroyed when I would cut across fields and hop curbs.

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If you campus is small, a MT Bike good because it is more stable and your riding position is more upright. Since you will be carrying a backpack, this upright seating position is key. If the campus is large, opt for a hybrid which will allow you to move more rapidly.

No matter what, invest in a good lock.

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A beater you won't mind replacing after it gets stolen.

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I use the Schwinn Coffee Single Speed At ~200 it's much more reasonable than the new hipster single-speeds. Yet, it's still relatively light, rolls wells and just does the trick.

But I did have to take the fenders, chain-guard and rack off for appearance's sake.

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