G.B.
Micro fiber is nice but you still have to clean it and sometimes the spots show up.
Leather is nice BUT the leather I've seen recently, in the last 10 years or so, isn't sturdy. My father in law is in his 80's and lives alone. He bought a good quality leather couch and love seat from a good long term family furniture store and within a few months where he sits is worn looking. He's a thin man too. It's discolored and worn. It looks awful.
Fabric vacuums, can be taken off and washed if everything else fails, and if you get a rug doctor with attachments you can clean it extremely well.
I spent $1800-$2000 and got a 3 cushion couch, a wide chair and ottoman, and a love seat. It is Ashley and Basil colored. I'll add a link to show you which set. I am not fond of the paisley pattern pillows but I still use them. I got solid dark sage green drapes that are complete good match with the furniture but just shades darker. So they really compliment each other.
This is the couch
http://www.walkersfurniture.com/item.aspx?itemid=12222949...
This one has all 4 pieces in the photos
http://www.shopknies.com/furniture/living-room/ottomans/7...
The deal we got was buy one and get a second piece for half price. So the couch was around $750 and we got the love seat half price, I can't remember how much it was. Then we got the chair and the ottoman was half price.
All the pieces have withstood much use. We don't allow the kids to bring food out of the kitchen and eating areas so we've been lucky with no huge spills. I have a rug doctor and can clean it if I need to but so far it's been awesome.
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As for study groups...I hate having to hold my stuff in my lap and try to be comfortable and see everyone. So I'd rather have something in front of me, like a table, where I'm studying something. If I am physically going to manage in my lap I'd rather sit at a table or have a TV tray that I can use to write in a notebook or lay out my highlighters/coloring tools, and the book. It's really awkward to do this without sitting at tables.
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Extra seating for larger groups.
We bought folding chairs at Staples, they were about $40 each. They are heavy duty and look like wood dining room chairs. Very nice, cushioned seat, and fold up nicely.
http://www.globalindustrial.com/p/office/chairs/folding/e...
They had them in stock in the store so we could go in and buy one or two when ever we needed them. They've been there and been the same for years now. That can change of course but so far we have about 10 of them and it's nice. We can take them with us to a friends house for a party, we can pull them out on the deck, they can be used for people that drop by when all the furniture is full, etc...it's very handy to have folding chairs that look so nice and are comfortable.