If you are planning to use mainly loans to finance your education I would think twice before renting a $850 plus apartment. ALS only allows $500/month for rent and all utilities when calculating the total cost of attendance (2004-05 figures), so you may not even be able to get student loans to cover it.
And even if you can get the loans, remember, average starting salary for Albany grads is only $48K at private firms, and even less for those who go into government. A $1,000 or more monthly student loan payment is going to be really painful on that salary, so I would try to keep the total amount of loans as low as you possibly can.
I know you are dead-set on the suburbs, so I would take a look at some of the Guilderland complexes instead, Oxford Heights and 1700 Designer Residences in particular, because they are fairly low-priced and very close to Albany. (Also right next door to Albany's main shopping malls, which I imagine is going to appeal to someone with an Elle Woods avatar.)