I considered it. I figured that I could keep costs down if they were at a basic DIY livery yard. However, I was persuaded against it by my parents. Having been at university now for a year, I discovered a few things:
1) I would not have had the money to keep them. I don't go out a huge amount, but I was skimming my overdraft at the end of the year anyway. My rent took up most of my loan and left me with only about £200 for personal expenses (food, clothes, events, going out, etc). I would not have been able to keep horses on that. My horses are currently on over £300 a month between them, just on livery. And that is DIY.
2) most livery yards are not walking distance from universities, as they are often in the country and a lot of universities are in towns/cities Getting a bus/taxi out to the yard every day would get expensive and irritating. Cycling is only an option if the livery yard is close and if you have enough spare time.
3) There was no way in hell that I would be getting down to the yard at 08:00 to turn the horses out before a 09:15 lecture. The late nights and go-go-go atmosphere take their toll and the prospect of getting up early is horrible.
4) Horse riding would have to be your main hobby. With riding most days and daily yard work, you wouldn't have time for much else. Your social life would also take a blow. Imagine a 17:00 lecture that finishes at 18:00, when you have planned to go out in the evening (say, at 20:00). You have two hours to get back to your accommodation, get changed, go to the yard, ride, get back, get ready and meet your friends. Trust me, that isn't do-able unless you are going to make some sacrifices.
5) the only way to make it work would have been to have them turned out the WHOLE time. Not all horses can cope with that and not all owners like having their horses out much/at all. Personally, I just leave my two out as much as I can. They are hardy and horses are designed for out-door living.
6) getting the horses to and from uni would be HASSLE in the extreme. Every term? And what about if you want to go away for a weekend with friends/go home? Also, unless you can drive and have your own trailer/box, going to shows and events will be nearly impossible. All you will be able to do is hack and school (assuming you can find somewhere with a school).