I updated the Drake Hall dorms a little and my sim couldn't afford her bills. Electricity has been shut off and the water will be next. She currently has 2 classes and an elective so there's no time to get a job. Her dorm mates don't seem to be contributing at all :( She had a couple of scholarships and 500 simoleans from home and bought a few things to improve her time at university (bike, mini fridge, Britechester clothing). The dorm fees were approx 2800. I usually turn the cost down by 50% with MCCC. I did it for regular housing when my sim was still a teen but forgot to do it for apartments.
My sim is definitely going to need more money so I will skip the elective next time round so she can do some freelance writing.