Lincoln is a town of about 250,000 people, that resembles a quiet suburb of a big city. The cost of living is insanely low here, rent is very affordable, and there are quite a few options as far as housing goes. While Lincoln does have a few options for entertainment and culture, there isn't a ton to do, especially late at night. There is a bus system, which is free for university students, but the city lines usually stop between 6 and 7 p.m. (I don't know what time the university system shuts down however). There are two main campuses for the University of Nebraska in town, and they aren't very far apart (about 15 minutes or so). One of more of the agricultural campus, and the city campus is pretty much everything else. College football is huge here, and although we've had some letdowns over the past decade, Nebraska is poised to be a major contender again (I don't want to start a flame war about teams here). What this means is that on Saturdays during football season, the city almost turns into a ghost town, except for campus/downtown. If you don't like football, this is a great time to do shopping, run errands, and so forth, since you won't be competing with crowds or traffic. Student tickets for games are inexpensive, and fairly easy to come by. They're going to be expanding the stadium (again) in the coming years to accommodate even more fans, and Nebraska has the longest consecutive game sellout streak in the nation.
If you have other questions, let me know, as I've lived here for about 20 years, and did my undergraduate work here.