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NOTHING MATCHES THE VIBE OF A COLLEGE TOWN. Universities throw off an energy that infuses their communities with culture, creativity and a love of learning. No wonder such places draw so many retirees, Living in a college town can be a smart financial move. too. Compared with life in a big city, you'll save on everything from housing to recreation.

We chose five great college towns that not only take full advantage of what the local university has to offer, but also stand on their own merits. Each has galleries. theaters and adult-education courses outside the university, not to mention excellent health care, reasonable living costs and pleasant ...