The link to the Bus service:
TriMet: Public Transportation for the Portland, Oregon, Metro Area
Click on the System Map button, which links to an interactive map.
You will notice that only the 39 bus runs directly into the L&C campus in the SW side of Portland.
That area is a bit hilly, I would think twice about a long bicycle ride to L&C. Others may have other opinions about that.
I personally like the Hillsdale area on Capitol Hill Highway on the northern end of the 39 bus line. If you continue a slight bit west from Hillsdale Shopping center (Google maps!) you will see where Capitol Hill Hwy merges and becomes SW Beaverton-HIllsdale Highway (still Oregon State Road 10) There are a few reasonably priced 2 bedroom apartment complexes along that B-H HWY road. BUT, it is getting from the apartments to the 39 bus that is the trick.
Also look for stop on the 39 line near SW Barbur blvd, and SW 13th street and SW Custer Dr. This is a local Grocery store Fred Meyers (our local Kroger, know as Freddy's), KFC, Burger King, Wells Fargo Bank, and two stops for the 39 bus. Many use the street parking on SW Custer as Park and Ride. Not legal, but some also use the upper deck of the Freddy's parking lot as Park and Ride also. Yes, the grocery store has a double deck parking lot due to geography and hills of the space; crowded store during rush hour. Not the cheapest grocery store, either.
Phil