Seconding the Trek FX / fitness series of bikes for a hybrid on the sportier / road side. I was looking through the $400-500 bikes from a wide range of manufacturers for two friends, and that was definitely the nicest frame configuration in that price range. They are both very happy with their bikes too - I did a 2 hour ride with one friend, and the other is already up to 40 miles on hers. One has an in-law that couldn't believe that she spent $420 on a bike (incl. $50 trade-in for a 7.2 WSD) -- now he steals it whenever he gets the chance! These bikes have a long history (used to be 7000 series), so they also have a good chance of being on Craigslist. There is usually at least one on Craigslist in the Twin Cities.
Campus unfortunately is not very safe for bikes -- there is one estimate that 50% of students have a bike stolen during college (rest in peace wherever you are, my 1982 Schwinn World Sport!). Then again -- not that this is ethical at all, but I had a co-worker who left his (nice) mountain bike unlocked on campus, so it would get stolen and he could collect the insurance -- it took almost a week for someone to steal it. And this was at one of the 10 largest universities in the US. (My bike was actually taken from the patio behind my apartment, the wooden fence was 6 feet high but apparently not high enough!).
A U-lock with a braided metal cable running through the U-lock will usually make a thief pick easier prey though - it is more risky to carry more tools, and it takes more time to break two locks. If you don't mind carrying really heavy chains, or can lock up at the same place every day, there are "handcuffs" or chains (don't let them or the lock touch the ground, easy to smash) that are very heavy but even more secure. There is one urban bike book that recommends purposely making your bike look ugly to deter thieves -- spray paint, duct tape, electric tape, putting on stickers from fruit. I couldn't bear to do that to my bike though.
For components, I recommend getting a very good light and putting it on your helmet. You can also use red blinkies on your back or backpack instead of the bike. Also keep your "bike kit" in a backpack pocket instead of a seatbag -- and many backpacks have water bottles or water bladder options. You can hop off and have no components on the bike at all, not even a water bottle cage. If you are concerned about quick releases, you can either convert to fixed bolts or use something like Pitlocks -- these are like quick releases, but take a special "key" configuration to unscrew them rather than having a lever. I think Pitlocks are the best, but other lock manufacturers have them for much less. Or get a small cable to run through your saddle bars and lock to the back triangle. Also, check your renter's insurance (good to have if you can get it) and find out whether it covers your bike -- plus what the deductible, limit, replacement type is (new or depreciated).
This would be out of your price range new, but I highly recommend a cyclocross bike for a do-it-all roadish bike. You can set it up for commuting, do gravel trails and fire roads, weekend / light trekking, and get a nice road ride, and do more relaxed club rides... also great for long rides. And, do cyclocross if you choose as well! I have a 2005 Bianchi Castro Valley, which was Bianchi's Volpe cyclocross frame set up as a commuter out of the box (generator hub and light, commuter tires with reflective sidewalls, and fenders). This has been my single bike for a long time, and I've been very happy with it as a do-it-all-except-road-race. A touring bike would also be a great commuting bike, and a great setup for longer road rides and of course touring. I just got a Bianchi Eros as my second road bike - this is more of a touring configuration, and is lighter so it works better as a road bike. The slightly longer wheelbase makes it more stable and easier to ride, even with teeny skinny road tires - I just put on 23mm - eep!
Edit for clearer on the locking up: use a U-lock (as small as possible to reduce space for a pry bar) to lock back wheel and frame to the bike rack. Run the cable lock through the front tire, frame (twist) then U-lock. If there is enough cable length, twist again and run around the bike rack. For the seat, use a small cable run through the seat rails and the back triangle, and leave it there (will stop casual walk-by theft). Don't lock to a street sign, it is easy to unbolt the sign and slide your bike up and over; same with trees, it is easy to cut them down (these are more a concern for hidden or overnight lockups). If you use the heavy handcuffs or chain, it is less weight to leave them locked to the bike rack if you park in the same place every day (depends on how large your campus is!). And don't forget to record your bike's serial number with the campus and city police (large numbers of bikes are recovered but the owner is unknown); you could register it in a nationwide registry for a nominal fee; and put an index card inside a ziplock with your name, address, phone number -- put in the downtube and steering tube / handlebars. If it is ever serviced, you might recover it that way. Also, if it is stolen, report it on Craigslist right away -- will make it harder to sell. Also keep looking around; usually it is sold locally person-to-person for a small amount of (drug) money, and the buyer can kinda tell that things probably aren't kosher... some people have recovered their bike 2 years later from watching out for them. If they are riding and you accost them, many will hand over the bike (remember getting it might have been a bit skeevy...); if it is parked / locked up, use your own lock to lock it again, or try to get the police there right away. Also, if you get a women's frame with a sloping downtube, or one of the lovely mixtes, these are a lot less desireable for thieves. And having a step-through frame for errands is certainly not a bad thing!



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