Permanent Address. It is preferred you enter your address outside the US in this field. Please check with registration and records to make sure information is not mailed to this address during the summer.
Local address. This is where you live in the United States and should be where you sleep. ISS is also required by law to report your local address to the Department of Homeland Security (DHS) through SEVIS.
If you are not in SEVIS because you have changed to another status, you should update your address with the U.S. Department of Homeland Security (DHS) by completing the AR-11 http://www.uscis.gov/files/form/ar-11.pdf and sending directly to DHS.