I recently went to U of C, and stayed in the Ramada on Lake Shore Drive. It is in a very bad part of town.
I look the blue line from O-Hare, and transfered to the green line to 51st st, then took the #15 street bus to close to the hotel. This whole trip cost $1.80, but was very scary, as it was through some serious ghetto.
If you hold your life dear, maybe taking the el to downtown and getting a cab from there would be a good idea.