Stayed up there for a couple of nights when the CSSC Track & Field champs where held there the other year. Agree with what Brett said, the union is HUGE. Food's not bad or the rooms, shower/toilet a bit small, apart from that couldn't complain. Nice facilities for the track too.
Worked in Loughborough for a couple of years - is nice and flat for students to cycle everywhere
Always seemed a fairly pleasant town to me - whenever getting the train to London always drive to Loughborough to park & get train from there - is about 1hr 20mins to London
Plenty of places a lot worse than Loughborough to spend 3 years or so