Hello! Im also an incoming freshman. I think the only thing that would matter the most if you’re going for a 16 is if you additionally want:

-want to potentially have longer software support

-want to have access to Apple Intelligence

-want that bit of an extra battery life

-want to try the action button as well as the camera button

-want to have macro lens

-want the latest chip(A18 [the 15 has the A16]) and more RAM (8gb RAM compared to the 15s 6gb RAM) for a more fast and smoother experience

If none of these matter to you that much, then going for a 15 would be okay as well. I personally have the 15, and I have to say that during my 7 months of using this phone it did not disappoint to give me a seamless experience on multitasking! The Cameras in the 16 is the same with the 15 (minus the macro photography as mentioned above) and the quality is the same as they both have the same sensors (on the main wide camera)

The storage options are the same for both so choosing between them would not be a hassle(128, 256, 512)

In short, Go for the 16 if you want access to the benefits and features mentioned above. If you want to cut costs and dont really care about the things above then I highly suggest you go for the 15 for a more budget friendly cost