How far out of Chandler do you live? Its only about 30 miles from downtown Chandler to Midwestern. Besides, is 50 miles really that far that you would consider staying overnight in Glendale?
My office is in Glendale and I commute from North Scottsdale every day. While its not 50 miles, the flow of traffic is going the opposite way for me, as it would for you once you are out of downtown Phx.
Seems to me that financially, renting a place to stay in Glendale would be much more expensive than the cost of gas for driving 500 miles per week. Commuting isn't much fun but at least for the first few years of school, your hours aren't that bad and it would seem preferable to spending the night away from home. You don't want to sell your home and even if you did, its not the most fiscally great idea in this market. So I see no other option but for you to commute...on those rare nights when you finish late and don't want to drive home you could probably bunk with a classmate or rent a room in town.