• Price: If you check the online stores, the price of ESP32 is almost double that of the ESP8266. So if you have a tight budget, ESP8266 is the more wallet-friendly option.
• Processing Power: The ESP32 has dual cores and more memory, making it faster and better at handling multiple tasks. The ESP8266 has a single core, which might slow things down if your project is big.
• Extra Features: The ESP32 comes with Bluetooth (and sometimes more I/O pins), while the ESP8266 does not. If you need Bluetooth connectivity, go for the ESP32.

In short, if budget is your top concern, ESP8266 will do the job. Otherwise, ESP32 is worth the extra cost for its added power and features.

*Personal opinion: Go for ESP32, you will not regret it. ESP32 is the better version of ESP8266 and has been around long enough, so it makes sense to pick it.

Also, since the budget is a factor, would the ESP8266 still be a good option, or is it worth spending more on the ESP32? Which one would be more suitable for a college project?