Austin is a great college town. As a UT student, you will have free access to the city buses which are a great way to get around. You probably won't need a car, unless you have to work at the UT Pickle campus, which is a real pain to get to by city bus from the main UT campus. For living near the main campus, most students either live in West Campus or North Campus. West Campus is far more active than North Campus, but much louder. Most of the Greek system have their hoses in West Campus and it's typically more of an undergraduate area. North Campus is much quieter and cheaper, probably more what you want as a grad student.