Ryerson University runs or has connections with student hotels downtown. Google will help you. I don't know of hotels in sketchy areas, so don't worry, and there are none along the subway lines that would be cheaper. We use Priceline all the time for guests and a 3.5* bid will get a decent place but not for $50. Check Priceline Express Deals or Hotwire. There are some places by the airport but that's very inconvenient.