Commission concerns?

I would like to start them but....

I have a few reasons not to:
-School, specifically college. Should be dedicating more time to that.
-Living in a dorm. Not in my own room, less privacy.

and a few reasons to do commissions:
-Helps with money
-I feel confident enough in my skills to start taking them
-This will not only help me improve on art, but also improve on taking more in the future

but also I have some concerns in general:
-Am I screwing myself out of money if I make them cheap in the beginning?
-Will I upset people for starting cheap and then raising prices once I'm better?
-How do I deal with customers I can't meet the demands of?
-What's the best way to professionally offer commissions, receive payment, and provide the artwork?

I feel like I will eventually do them at some point, but I'm not sure if I should start small now, or maybe wait until I'm living in an apartment with my own room, and I'm much more used to managing my time on this kind of schedule. I think that would be the best course of action, but also I see people starting them so early that I'm not sure if I should also do something now? Either way, most of my concerns will still be relevant whenever I do start, except once my reasons not to have less of an impact.