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Raritan Valley Line is very reliable as far as I know. My brother-in-law taking that route to NYC every day, and never heard any problem he got.
Also, I was at Raritan the other day and met some students from NJIT living there ... It is station after Somerville Station as you can see NJ TRANSIT Rail Lines Map (broken link) and station walk to many apartments and condos.
By the way, Highland Park has many very affordable apartments and very safe, why are you moving out of the area? Where are you going to school in NYC ?
Along Raritan line, there are two closer towns very affordable, one is Bound Brook, and another one even closer is Plainfield where I know many Union County College students live there, $500 a room, and commute thru NJ Transit to Union.
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