I'll be living 3 miles away and I thought to myself, "Wow, that is FAR...I won't be able to walk to school..."
Actually, during my interview the interviewer was concerned that I would be commuting from home (from the San Jose area to San Fran) and told me point blank, "You know, when I went to this school I had a classmate who commuted an hour to school each day and an hour back. DON'T DO IT."
Although some people are incredible at managing their time, most of us need all the time we can get to study, relax, and do the things we need to stay sane. There's hardly enough time in the day as is.