Hi Sarah--
Congratulations! I used to live and work near UIC, and it's not all that thrilling. It's right on the Blue Line, so it's easy to get to, depending on what kind of commute you're looking for. A friend was going there, and strangely most of the people in her program lived in Logan Square, which isn't close to UIC at all, but it's only about a 30 minute train ride.
University Village is a little bland for my taste. It's near Little Italy and just north of Pilsen, which has a lot of galleries, a few decent bars, cheap housing, and some really good Mexican restaurants. But, my car got stolen (and found in a week) and my apartment was broken into when I was living on the west side of Pilsen.
it's easy enough to get to other places, but University Village has never really been a destination for me.