Pros
The faculty was always aware that I was a full-time student and understanding if I needed a day off to study for a test. My office gave me more responsibilities the longer I worked, which was an rewarding experience. They made sure to align my work duties with what my interests were. Unlike most of my student peers, I was gaining valuable work experience and practical skills for after graduation. I did try to apply for many student positions before I got an interview - so keep trying! Don't you want something on your resume than babysitting, retail, or restaurant experience?
Cons
The limitations of being a student employee is sometimes exercising your credibility, because at times you do feel like you don't have any authority. Even with Faculty, there is some inter-office "drama" that you have to deal with. I guess it's experience for the real world working environment? If the University is closed due to weather or anything else, you obviously can't work. Which can be a huge plus if you need a day off, but quite annoying if you wanted to work and make money (that's out of anyone's hands, though.)