Im also a college student right now and I use my bitcoin for my school needs. Most of it are used for transportation because I dont own a car yet. And some of it are used for other miscellaneous needs. I rarely use it for partying stuffs since the money that I have gotten from bitcoin is very usefull just for my needs.
If the bitcoin used for the purpose like paying college fee, buying books and for other useful needs then it for a good cause and acceptable, bitcoin makes life easy for students, but using bitcoin for other than educational purposes is not good from students point of view.