Doing my final year at Rutgers University studying Mechanical/Aerospace Engineering. I also work part-time on campus as a System Administrator.
We have two anime clubs. I attend one regularly (was the treasurer last year) and one spontaneously. I seriously recommend that you become an officer at a club, especially if you're a shy person. Prior to becoming the treasurer, I would usually just disappear in the background. After becoming really involved in the club, I started meeting new people and hanging out with them outside of the club. It made my college experience really enjoyable.
A full course load, part-time work, and being an active treasurer really kept me busy. But I still managed to bring the club to NYC twice and to MangaNEXT for free, some to Anime Boston, and organize a group trip to Otakon. That said, if there's something you really want to do, you will find time to do it. I still had a lot of time to slack off and relax.
I commute to college, about a 50-minute drive one way with average traffic. I used to live in the dorms, but never really got close to my neighbors. Just spent my free time in my room playing computer games or browsing forums. Don't do that. Get out, have fun, get a part-time job for pocket money or, better yet, an internship in your field of study.