Depends on your price range. If you can afford $1000-$2000 per month, you have a lot of options immediately around campus and uptown. $600-1000/month will land you on the east of 75 and some apartments near campus, but they are limited. That is also the price range in the Village, but some are really nice (over $1000/month) and some are real crap-holes ($630 or so). Less than $600/month will land you in the ghetto. Getting your car broken into month after month is really not worth the extra savings.
If you (or your parents) already have month, you should just buy a condo. $300K will buy you a decent 1500 SQ/FT 2-bdr near campus, but most are about $350K.
As you can see, the area around SMU is NOT cheap and most kids here are REALLY rich. I know a couple of kids that live in high rise apartments that cost over $500K in Turtle Creek. I live in an efficiency, but I will probably move after this year since my rent will be increased by $100/month after this lease ends.
BTW, physically come to Dallas and search. A friend of mine used one of those apartment hunter companies, and they put her in the crappest apartment in the Village (you can still smell the mold).