Jade is a great choice for your first bonsai. Cuttings and even a single leaf roots easily in a sandy, well drained soil mixture. Jade is a succulent so it needs little moisture. Water moderately in summer, in the winter give it enough water to prevent wrinkling of leaves. In cool conditions, water about every three to four weeks. The plant does well in direct sunlight. If grown in a sunny position the jade green leaves develope a red tinge. Repot every second year in spring. In the spring pinch back the tips of new shoots as soon as they reach the required length. Prune branches as necessary during the growing season. Remove leaves from the trunk and the bases of old, lower branches to create a treelike effect. The large leafs that the plant has right now will be removed as branches develope. Next spring start feeding once a month to early autumn.
The stems get thicker as the plant matures giving it a treelike appearance.
I hope this information helps you. Good luck.

Right now I'm watering it once a day cause of the summer heat(triple digits). But when i get to my dorm room it will probably be pretty cool. When should I water it then? Or what should I look for before I water? I know putting the plant over a air conditioner/heater is bad...but since it retains so much water could I put it over the air conditioner/heater? Or would I need a humid/gravel tray? Thanks for the help.

Dear Goban,

Your Crassula ovata (jade plant) has an FAQ at the Cactus and Succulent Forum devoted to that very question.

http://faq.gardenweb.com/faq/lists/cacti/2002020340003484.html

Here is a link that might be useful: Cultivation of Crassula ovata