Is your place an actual 3BR? Where did you find it listed? Also, if you take the path don't you still need to switch trains at exchange place, then go to Newark? Seems like a bit of a pain every day to do bus to the path, change trains, back to newark-penn, bus to school? Or is it painless? I'm not much of a commuter.
Admittedly, it's more of a 2.5 bedroom but trust me, there are other reasonable deals to be had (<$1000). I found it on craigslist. Now I already had two friends that I was planning on living with but it's also by far and away the best place to find people looking for roommates. As to the commute itself, yeah I wouldn't ever recommend driving from Hoboken. For one, having a car in Hoboken is VERY expensive and actually finding a space is next to impossible. Couple that with the absurd traffic between the two and it just ain't worth it. Train is definitely the way to go. If you are taking NJT from Hoboken, it goes directly to Newark Broad. During the day (when you can walk), it's no more than a 8-10 minute trek. At night they have two shuttles that go directly from the law school to the station. If you take the PATH from uptown in Hoboken, the best move is to get the light rail at 9th Street and take that to the Exchange Place stop. Then, the PATH trip is a direct shot. Again, during the day the walk is no more than 10-12 minutes and at night shuttle to Penn are frequent.
As to the living in Newark question, I would HIGHLY recommend living in the Ironbound. It's by far and away the safest and most vibrant part of the city. At least there you can walk down to the local Dunkin Donuts at night. Everywhere else is pretty much just dead quiet and walking around alone is a serious safety risk. Totally understand the want to save money and that you have a degree of comfort in some tough areas but just be careful if you venture much out of the Ironbound. As someone whose extended family lived in Newark until the 1960s, I've always been rooting for the place to make a comeback. It seemed like there were some positive signs of a resurgence for a while (Corey Booker, NJPAC, Prudential Center etc.) but that has changed. The city's police force was cut and the violent crime is staggering.