There are pros and cons to both. Living off campus in an apartment brings on a whole new set of chores you may not have had in the dorms. Cooking, dishes, cleaning bathrooms/kitchens/living spaces, keeping up with utility bills, finding somewhere to do laundry if there isn't any on-site, etcetcetc.

Does your college offer suites? Mine did, and that was the best of both worlds. It was 4 bedrooms split between 6 people, 2 bathrooms, a kitchenette and a living space. We got the apartment living feel without all the added junk that goes with living off campus.

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I lived in a standard dorm, a suite, and off campus. The off campus apartment was 3 levels, all filled with members of the college soccer team (10 total), and was considered party city because it was a relatively small school (~2000 undergrad students) with most people living on campus. Was it fun? Absolutely. Did it suck having to constantly clean up after having 50 people over 4 times a week? Absolutely.

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It also sucked having to hound everyone for their portion of the utilities every month. It got so bad at one point I had to turn off the internet in order for people to pay me their portion. These were all people who I had known for years and shouldn't have had any problems with, and yet, there were.

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In hindsight, suite living was the best of both worlds, at least for me. There was enough room where you weren't on top of a roomate all the time, you could still have parties as long as you were respectful of your neighbors (same goes for any apartment, really), and you didn't have the pitfalls that went along with off campus living.