@ohohitsmagic08 - on the UofL website they have a list of hotels that you might be interested in (go to 'future students')! After some intense researching i stumbled upon:
Red Roof Inn Louisville Fair And Expo
3322 RED ROOF INN PLACE LOUISVILLE, KY 40218 US 502-456-2993
if you ask if they have the university discount, they'll give you the rate 43 bucks a day! (cheapestestest hotel that i found so far without being super ghetto) - their normal price w/o discount = $64ish
I checked the review for the hotel and it isnt bad. relatively close to campus and airport.
Id probably get around via taxi. The front desk person said a lot of students stay here for their interview and its super easy to get a taxi whenever.
If youre >25 year old, i suggest renting a car since its basically around 20 bucks a day, cheaper than taxi fsure (hotel to and from campus = around 17 bucks taxi already). I wish i could do that but im not old enough... :/
it took me forever to plan my trip haha but i hope it helps!