Hard-core students often camp out in the beautiful Hogwarts-esque Bapst library, but the O'Neill library was always my favorite place to go! Don't let it's cold, 1970's exterior fool you, there are plenty of cozy spots to snuggle up in an study for hours.
It really depends on the person, and for me it even depends on my mood. Some prefer the libraries because it's easier to work with other people working around you as well as the quiet. The libraries offer areas for group work and individual work with various levels of personal space and noise level. We even have a "silent library" in Bapst that is preferable when you really need silence. Study lounges are in almost every dorm and are the space I use the most. They are smaller and less crowded than the library, easier to get to and from my room, and generally stay as quiet as some parts of the libraries [depending on the dorm]. I also opt for my dorm room as well, depending on the personalities of you and your roommate[s] it is possible to study in your room. I find it easiest because I don't need to lug my work, books, and laptop anywhere and I don't have to worry about dressing for the outside weather. Places that people often neglect [until finals] are empty classrooms and dining halls when operating and when not operating. These tend to be emptiest even during finals and the places I go when I need to be completely alone so I can efficiently study.
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