College/University life can't be simply classified.
You can say it's a huge party, because there are huge parties to join in on. At the same time you could be studying all the time and trying to get something out of you thousands of dollars of tuition.
With my small amount of experience, 1 year, I've have seen people take both routes. Getting wasted in the middle of the day, failing 3 or 4 courses in 2 terms etc, or acing every class.
One guy i know came in with a $5000 scholarship, which is what tuition costs, minus his res living. He's telling me about it and how he is a genious etc, whatever. I never got 90s in high school and this kid did, but at the end of the year, he has a C average, no more scholarship, and I was able to get an A-.
Another person I've met studies like it's his job, and ends up with 101% in calc I and physics II, 100% in calc II, A+ in everything.
Really, college/university is whatever you decide to make of it.