I lived at home when at university, but clearly remember the lack of available practice rooms at my university. During the day the rooms were always full, so my time in them was quite limited. At night however it did clear up.
If I didn't live at home and have access to my own piano, I would have had a hard time trying to find time to practice. I'd think it worthwhile to get yourself an electric, so you could spare your sanity. Besides, you could practice on your own piano and not have to worry about walking around the school looking for a practice room. Of course you will need to suplement such practice with that on a quality grand quite regularly, but at least you will have a piano available to you whenever you need it.
If it has MIDI, you'll also be able to hook it up to your computer and do some composing, or enter scores in Finale or Sibelius.
I'd don't own one, but have played the Yamaha P series stage pianos. They are quite good.