One of the things that makes college so exciting and great is the ability to be in control of your own self. You have no one to report to or to be held accountable by. So for the most part, your life is suddenly what you make of it. Some learn the hard way that going out on a Wednesday night before an 8 a.m. Thursday discussion doesn't exactly pave the road to success. And some learn the hard way that all work and no play doesn't really have much to show for itself in the grand scheme of things.
Instead of choosing one route or the other to determine your college life, learn to balance. Life is all about balance. Sometimes you have to go out for a fun night with friends on a week day after a lifeless day.
Sometimes you can't go out on a Saturday because you have a huge exam the following week on top of 76 other assignments.
Make your college experience equally rewarding in both social and academic standards. Obviously everyone is here for one reason - to get a higher education. But that doesn't mean we can't have fun doing it. Treat yo self when necessary, and know when to choose a night with your textbook over a night with a drink.
That being said, in most cases you have to learn from experience. Yes, some have tried consistently doing both. And yes some have surprisingly succeeded in maintaining good grades. But some learn mid-finals week that there grades weren't salvageable. Everyone is different when it comes to ability to bounce-back and get work done. I personally can fully function on 2 hours of sleep. My roommate can't function without at least 8.
Know what you need to do in order for your body to be rested and ready to work when morning comes. And if you do happen to master the 'out-until-4-in-the-morning-with-class-in-4-hours' act, good for you! But if not, that's okay too.
Don't let FOMO (fear of missing out) keep you from achieving your full potential.