Im a rising second year at UMSM(if thats what you call it), and I parked at dominion parking garage all last year. Its close, and half full, so there should be plenty of parking. It costs a little more and its not really through the school, but its convienient and half of our class parked there. As far as living, I had a good friend in class live right near I195. I actually lived right next to lincoln road in south beach. I195 is a nice area, I almost moved there. Its not as crowded as the southern part of Miami beach, and the traffic on I195 is not bad at all. It did get very crowded where I lived, especially in season during the winter and when they had big conventions. I did have alot of fun though. If your going to drive, kendall is really far with traffic. Most people that live there take the metro rail. Miami beach, on the other hand, tends to get expensive not only rent but all the restaurants, etc. But it is great to experience miami beach, if only for one year. We also go out as a class alot on Miami beach, so its pretty close to the party spots.
Hope that Helps.