If you are working in files by yourself, or sharing only a few files with others that are not part of your team, you should use OneDrive.
If you are sharing files and folders as part of your department or working groups, SharePoint Document Libraries would be the better option.
To read more about which option would be better, visit Microsoft Supports article: Should I save files to OneDrive or SharePoint?

Currently, any MSU faculty or staff with a valid
MSU-UPN(netid@msu.montana.edu) can create a SharePoint site.

so many ways! need to list here, but most commonly, a SharePoint site is created when someone creates a Microsoft Team, or a Shared Library from the OneDrive for Business app.

Depending on whether you create a Communication site, or a Team site, different Microsoft 365 applications become available.

Some questions to think about:
is this primarily for collaboration or communication.

Website: What is a SharePoint team site?

Website: What is a SharePoint communication site?

2️⃣ ➕ : Have a second owner for backup.

🤔 Think about the name.

Is this a public 🔓 (any user within MSU) or does it need to be private 🔐 (invited/listed members only)