I'm leaving out the suggestion of a gaming laptop, because if you are considering a console then I assume that your class needs are already met.
There's aren't many differences between a console and a PC any more. There are plenty of PC games that support local co-op, and running the PC to your TV should be relatively painless in a dorm. Actually it's relatively painless, period.
What's the price on a new console? About $400? You can build you a decent gaming rig for $600-$700. And now visit STEAM to see games that are 75%-80% off, while their console counterparts are at least double the price.
+1 for the PC is the multitude of F2P games that exist. There's a lot of content out there that can has the potential to hold your attention, even your friends' attention as well, at little to no cost to you.
This game is absolutely worth $5. Hell, I'd push it for $10.
Personally, I had issues with the controller controls. I cursed the game, rage-quit, and all but gave up on it for a couple of weeks but there was this something that drew me back to it. This time around I went the mouse/keyboard route and the experience was MUCH better. This seemed to improve my commands being received and accepted by my AI partners. Just my 2cents.