Are you handy working on cars? Those old Toyotas were very reliable but a 34-year-old car of any kind is going to need a lot of TLC and is likely to need frequent repairs.

With "older" cars, it's all about condition - and with lower mileage, you need to make sure it didn't sit out behind a chicken coop for the last ten years. You're going to have to replace a lot  of the rubber bits - hoses, belts, bushings if you want to drive it a distance. It's got the same engine and trans as the Corolla, so that's a plus.

One of the big problems with old cars for college students is that they don't have access to a good place for repairs and maintenance, like a garage or a driveway where you can park it for a weekend.  Replacing a starter or muffler in a dorm parking lot while it's snowing and you've got papers due is no fun - ask me how I know.

As a project/weekend car, sure, if you've got a place to work on it and a good set of tools. As a daily driver, probably not.

Being that old it will need some attention.  I would pass on it, especially if you have no inclination to work on cars.  You are in college so probably already have your hands full.  

You also mentioned seeing it on carsandbids.com website (which is Doug Demuro’s enthusiast car auction site for 1980’s and newer cars).  Now I am not familiar with the process Doug has set up for his site but being a car auction site, there is probably no opportunity for a test drive or an independent mechanic to check out before you buy - in that case, definitely pass.