Probably depends what you study and at what rate. Alot of students work fulltime in addition to studying fulltime, which basically puts sleep and eating secondary or even tertiary. Socializing isn't on the radar for many.
The statement, however, said college means no sleep. That is a bit disingenuous to say that was meant to imply the person was working full time.
That would be like saying "living in an apartment means no sleep!" because you lived in an apartment above a 24 hour bowing alley.