it would be MUCH cheaper to rent a place than getting on the train 4-5 times a week, also the train times from peterb to newark to lincoln can be a bit inconvenient for early lectures, so you'd be getting in an hour before you needed to be (i've done the route a few times, either get in for ~8.05 or 9.05).
parking is also a *****, going to cost a fortune (car running + pay meters + time) it really is cheaper to rent a place and commute home every few weeks.
i know people who commute to other unis and they really hate it, you're not getting the full uni life and always worrying about transport etc, also what are the rest of your friends doing?
not trying to kill it off completely and it is good you're looking into it all now but you have to really think if travelling 1hr+ in busy traffic each way is going to be worth the effort when you can live on the doorstep?