This is probably not your typical response.
I would say, if you put away money to risk (lose), and if you have a sports betting SYSTEM for a particular sports, AND u have a decent money management betting system/risk mitigation system...then YES you should bet. It's far more efficient than to get a part time job while you attend college as classes and tests and reports takes most of your time anyway.
But it does take TIME, and a lot of TIME to build a sports betting system from scratch.
For example: I personally have an NHL system I developed using old data for the past 8 years. Last season was the first test using real cash and it's a success. But i haven't made a CRAP ton of money yet since it was just in the testing phase. Next season (starting this oct) will be the REAL test as I will be using "real" cash and laying it on the line.
So as you can see...it takes a season or two to test your system, which takes time that you aint getting back, so this might not be right for you. But if you got a system that you believe in and it proves to be at least DECENT, it's worth to do some system building and plan for the long term. If a system works well enough...then you can pull in some good, decent cash (hopefully every season), and it'll help you build some cash during college.
So...TLDR:
1) Pick a sport that you at least like to watch and analyze.
2) System Build, analyze, do statistics on excel, over and over and over again. Back test, Back Test, BACK TEST! At least 6-10 years (seasons) worth of back tests. I get my data from the NHL website. You can easily do the same from Google and the sporst leagues main website.
3) When you are ready to "test" you system, do it with play money, say at least $100 to $1000. something that won't ruin you, but will still get your blood and emotions pumping. This is important because even if you did 20 years worth of back tests...when real money is on the line...it does EFFECT you. You need to practice to get desensitized with gambling.
Good luck with anything you do!