College Park is not that great, not that terrible.
It has a lot of chain restaurants as well as independents;
the "book exchange" shop is disappointing,
there are a few independent bars and shops;
it's not very pedestrian friendly.
There's a UMD shuttle to various transportation hubs, I think.
Also, if you drive, it gets reeeeaaally congested. I do like the College Park campus, though. I've never lived in the College Park area, just worked there, so I can't really speak for where the "good neighborhoods" are to live in. I've heard good things about Hyattsville, I think (?? somebody else can chime in here). It's probably best to compare prices of rental housing on craigslist, figure out what the cheapest areas are, then make a point not to live in those areas.