Gee, been a long time since I graduated, but here goes:
Most students live w/in a 2-5 mile radius of the school (basically any of the "bird-named" streets off of Ontario Ave, Madison, New Scotland, and Western Ave.) Most of the areas around AMC (Albany Medical College) are safe, but try not to live too close to streets bordering the CDPC (Capital District Psychiatric Center) and Washington Park cause back in the day, some of the less lucid folks and criminals wandered the neighborhoods. Most students avoided downtown and the Lincoln Park area (south of the Govenor's mansion). Who knows? Maybe these areas have been gentrified, I don't know.
Lots of folks lived around the College of St. Rose and of course, Ralph's! I hope Ralph's still exists.
Please keep in mind that the neighborhoods may have changed substantially since I graduated (late 80's)