Pros
Food and housing are provided free of charge! You also receive a small tuition stipend. The culture amongst RAs is very friendly and you form closer bonds than I have in any other job. I had a wonderful coordinator in my second year who has become a friend since graduating (your coordinator will make or break your experience)!
Cons
The job is unpaid. The hours worked and the cost of room and board do not line up and (depending on building) you pay for laundry out of pocket. This can be very frustrating when considering the extreme differences in quality depending on what building you are placed in (access to amenities, air conditioning, privacy, etc.) as there is no difference in compensation between those who are placed in less updated areas and those in renovated areas. Your outside work is limited, so acquiring income while working in this position is extremely challenging. Depending on what area you are placed in, the job can be physically challenging due to a lack of elevators and large buildings.