As someone that's also in college, this is the easiest diet plan I've followed. Like KittyHawk mentioned, you can spend your points on whatever you like...of course it's best to spend them on healthy things, but if you go out and have a couple of drinks or share a pizza with some friends, you can work that into the program. As far as the # of lbs lost a week, it varies by each person. I think most people lose several lbs the first week, a little less the next and end up staying somewhere around 1-2 lbs a week after that.
Hope this helps some!