Do as much research as possible, look for anonymous opinions, do a pros and cons list to see what makes the most sense in the long run, and finally ask close friends/family on their input (usually after I'm leaning on one thing or another;you have to be able to explain why you think it'd a good choice).
As for your situation, I think you should go to the school. Their is probably nothing for you in the hood. The distance isn't too big of a deal if you're willing to room with your friend near the campus. Sounds like a lot of great experiences waiting to happen
