I think that saying is just because you're on your own for the first time, you can practically eat whatever you want any time of the day, and have all kinds of sex. Honestly, my life has gotten better since I graduated college, but the opposite might be true for others. Life is what you make of it
Just enjoy yourself and try not to lose any scholarships you might have. My advice: GO TO CLASS. No matter how tempting it is to stay in the dorm and play Wind Waker for 9 hours straight, go to class.