Cebu...Here I Come!

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I am planning to take my boards this August in Cebu. Which means I will be there in Cebu as early as the 2nd week of July. The problem is I don't know where to stay. Can anyone suggest a nice dorm or pension house or apartment where me and at lesat 3 of my friends can rent? I am hoping I wont exceed my lodging budget of 6000. Ideally, the place must either be near Cebu Institute of Medicine or PRC. It would be nice if food will be part of the lodging budget. Help anyone, especially those in CEBU.