As far as I know there aren't many studio apartments in that area, but there are some high-rises (studios are really only in larger apartment buildings like high rises and courtyards). I've had really good luck finding apartments on CraigsList. You may need to search using West Loop instead of University Village. Plus, UIC is off the Blue Line, so you really aren't limited to only that neighborhood (do not go west of UIC though - look north).
You can also check UIC's housing department: housing.uic.edu/offcampus.
If you just want a cheap apartment you can find 1 bedrooms for about the same amount as a studio - they're kind of a rip off usually.
