My roommate and I are living Uptown. We also looked at some places in the LGD.
The suburbs (Metairie, Lakeview, Kenner) probably are cheaper, but they aren't terribly close as compared to other areas. The hotel I stayed at while apartment hunting was in Kenner, and it took me about 20 minutes to get to school from there. Obviously this isn't an epic commute by any means, but between the distance and the fact that relatively few students live out there, I'd imagine one would feel fairly removed.
If you have not secured housing yet, I would recommend actually being in the city. It's just a neat place to be, and you can find something very affordable if you look hard enough.