If you are a student, the best place to stay is the Embassie Youth Hostel that makes you feel right at home. The owner of the hostel prefers to be called Kevin and loves to chat anytime. His favorite memory is when he was in a contest and won 3rd place while a lesser known band at the time called the Beatles won 5th. The hostel offers free tee and toast, has eight beds to a room and is $17 a night.
Normally I wouldn''t stay at an "unoffical" hostel, but this one is pretty cool and the location is great. Warning: when I was there, there were no lockers to put your stuff in and the doors didn''t lock. My stuff was fine, but just to warn you...
Click here to visit their website.