Buy a bunch of decorating magazine, pop some popcorn and start ripping out pictures you like! Then go back through your piles and see if you can discern a pattern.
Paint and fabric are easy to change (some landlords will let you paint if you are willing to repaint it when you leave). Ribbon is versatile.
Check Ikea, HGTV, Trading Spaces, Moving up and those kind of shows/websites. Better Homes and Gardens and Martha Stewart.
Almost anything can be done for cheap! Thrift shops, Antique stores and Yard Sales would be fun to scour together and come up with a style for your common areas as well as your individual rooms! Remember to keep an eye out for items that can be painted, reupholstered or used for different things than they were intended.
Check your campus library or the off campus one for decorating books. It's worth the extra time to come up with something you all love rather than just throwing it up there. Decorating Dreams on a Budget is a fun little book, Creating a Sensesational Home, and Nate Burkus' Home Rules are all great to get your creative juices flowing and give good hints.
Have fun!
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