Unless the dorms have changed much since i was there last (12 years ago) thats pretty expenisve. there are so many cockroaches there.
About the only bonus of living in residence are all the people you meet, and paries. Being close to school is also good, but you get tired of it pretty quick. You can get tired of your room mates pretty quick too.
I'm kinda glad i didnt get accepted into residence; I found a way better deal renting a place. $300 a month and i basically get a fully furnished house with a hot tub an awesome home theatre. I dont have to worry about pots and pans and toaster ovens and stuff. they are all there. (technically i am paying for the basement, but the owner is never home, and told me i could use the kitchen whenever i wanted and the whole house when he is gone, which is every weekend, and at least 3 days a week.)