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Swiss Cottage hostel in London

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I will be traveling to London in May 2012. I am a single female solo traveler. I found a highly rated hostel in Swiss Cottage, London called Palmer's Lodge. It got great reviews and the price is awesome, due to the GBP to Dollar conversion. My question is: Being that Swiss Cottage is not centrally located, how long are the tubes to get to the major attractions of London? I don't want to spend more than 20 minutes on the tube to get where I need to go. I appreciate any feedback and also suggestions to other great hostels. My budget is around $45-60 USD a night, and will not be spending a whole lot of time in my hostel. Thanks.

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