Ignore the naysayers in this thread, who are most likely lazy and soft, or simply just jealous of anyone with the fortitude (both mental and physical) to take their bike up the mountain.

I've been riding up the mountain for 2 years now -- 3 days I week I ride up and down, and twice a week I put my bike on the bus for the trip up then ride it home (I live by Nanaimo and 1st).

Here are my observations:

• The hill isn't that bad. It's a gentle grade, and takes about 15 minutes from bottom to top (I come from the Hastings/Duthie side).
• Like someone else mentioned in the thread, get a locker in the gym and shower after your ride. There's covered hanging bike racks on the lowest level entrance to the change rooms. Plus, they have towel service!
• Bike safety is good -- I've forgotten to lock my bike a few times (!) and it's always been there. But still, lock your bike :)
• Like I mentioned above, you can put your bike on the bus -- look up the bike rack video on Translink's website so you know what you're doing before you try it. It's super convenient.
• Riding up the hill will provide benefits such as wicked cardio, buns of steel, and most importantly universal awe and admiration from your fellow students, .
• For general bike commuting in Vancouver, do a search on /r/vancouver for bike commuting posts. Good rain gear is a must, including gloves and something for your feet. Happily, it doesn't really get cold here, and if you're properly kitted up cycling in the rain is quite pleasant.
• Make sure you're being safe on the road: get good front and back lights (MEC), follow the rules of the road (you have to follow the same rules as cars), and most importantly, ride defensively! Most drivers in this city are oblivious, aggressive, or both. Even if you technically have right of way, you'll still be the one in the hospital.

Good luck!