Hi Sam,
I did my undergraduate study in Fayetteville, AR. I like the town but don't exactly love it. It's a nice place and people are extremely nice and hospitable. Fayetteville is not that big. Rent is not very expensive. With your stipend, you can definitely afford living there and don't have to be worried about cutting costs. Dickson is a street where you can find a lot of bars and clubs. Moving from Chicago to Fayetteville might make you feel shocked since the town is tiny. You definitely need a car to move around Fayetteville. If you live close to campus, there are buses that take you to classes and they run until 10pm. Good luck with your future endeavors.