The Augsburg campus is smack in the middle of the Cedar-Riverside neighborhood, a historic crossroad of cultures — and a rich crisscross of public transit lines as well. The Blue Line and Green Line trains are the latest cool thing, and both have stations a 10-minute walk away, but bus service is frequent and decent as well: no fewer than three bus lines serve the campus, five if you count nearby Cedar and Washington Avenues.
That is a good thing, because the growth of the University of Minnesota's West Bank campus, just across Riverside Avenue to the north, means parking spaces for cars are getting scarcer and scarcer. In fact, if you allow for the time it takes to find on-street parking, taking transit to Augsburg is often faster than driving. If you add in the cost of hourly parking (at a meter or in a garage), it is certainly cheaper.
Please also see Augsburg University's Public Transportation page, inside.augsburg.edu/transportation/public-transportation, for more information on green commuting, including links to Metro Transit “trip planners” and the Nice Ride bike-rental folks. An Augsburg campus map, frequently linked to in this guide, is here.