im getting ready to leave for school and was wondering if it would be better to keep my guitars (electric and acoustic) in the basment (finished, not old and musty) or upstairs in my room?

Depends where you live. At my house in Miami my guitars are fine sitting in the open air. When I went to school at Virginia Tech my acoustic warped so much I had to pay $200 to have it fixed. You'll want to have them in hard cases, regardless, and there's a specific humidity range you're trying to get, but I don't remember what it is... maybe someone else can help out on that one?
probably in your room
MM Stingray
MIA P Bass
MIM Jazz Bass
GK 700RB-II Head
GK 410SBX Cab
Sansamp 3 Ch. DI
Crybaby Bass Wah
Bass Big Muff
DD3 Delay

MIA Strat
Nashville Tele
Martin 00015M
Hot Rod Deluxe
Big Muff
Hendrix Crybaby Wah