Hi I currently study at Sussex and live in Brighton. Im not sure about studio prices,as I house share, it just depends on why you want to live as centre Brighton is more pricey then outer areas. if you live somewhere such as Moulsecoomb or Falmer it may be easier to find a cheaper flat and possible save you a slightly longer commute. I personally prefer living more in the centre of the city and if you look around you can find good deals on housing.
As for the city itself it is a stop on most tours ( also you can be in London in around 45 minutes). Loads of different types of pubs/clubs/ bars, lovely beach, lots of different types of restaurants ( usual chain ones, one off ones, vegan/veg) and many markets and a variety of shops.
Hope this helps!