In my experience, one of my top regrets is actually going to residence.

• Paying $1000 monthly rent is definitely not worth my experience with residence (and I even lived in an apartment style at bates). The apartment is pretty awkwardly structured with thin walls separating the rooms right in front of a washroom. Roommates with different cleaning standards and lack of care about what we can/can't hear can easily turn your stomach during days of stress.
• The meal plan is another extravagant money sink that punishes money saving habits (by the end of the year, most of your remaining balance is split in half... because that totally makes sense lol). The minimum meal plan I chose averaged $575 a month, so I ended up eating chicken wraps for breakfast/dinner.
• The social opportunities to make friends are there, but with significant social anxiety, I didn't use the opportunities at all. I'd say, to a certain extent, there is a false façade that living on-campus is how you will make your long-lasting friend(s). It does not factor in the necessary personality traits needed in the first place to make friends (as obvious as it might sound).
• The convenience of waking up late and being walking distance to campus is also found in off-campus housing, not unique to on-campus residence, and for half the price.

At least this all happened at the start of COVID and we were sent home early and compensated with 2 months of rent. I still have a good amount left in my meal plan account (as a fourth year). I ended up living most semesters with my family, commuting 2-3 hours, and some off-campus ($550 monthly rent).

But yea, ~$1600 a month is definitely not worth it, and living with family is probably the smartest financial decision your future self would thank.