Right now I am on a very liberal diet 1,600 calories a day and plan to loose 25 lbs in 5 months...I can't imagine doing anything much more extreme (and being able to stick to it) while in college. I absolutely cannot study when I am hungry, my stomach rumbles and all I can think about is that I want something to eat.
During school days I pack all of the food I want to eat for the day (I live a long walk from campus and stay on campus all day most weekdays), then when I'm at the library doing work, I don't have to walk downtown or to the cafeteria to get food and save time (not to mention the time of running into someone I know and chatting for 15 min).
as for alchol, I also go to a big party school. I like to pre-plan what I am going to drink, I usually don't eat alot before going out (to save calories for the alchol) then eat something low cal and filling right before going out so I'm not starving(like a soy shake). Then I'll allow myself 2-3 light beers (enough to get me comfortably tipsy, especially without alot in my stomach) and then opt for a lean pocket when I come home (instead of going out for pizza at 2am). I just fit the alchol into my daily calorie allowance. Where I get into trouble is when my friends will buy me shots or something (I usually roll with like 8 guys so they often buy me drinks). If I'm good all week, I can usually have a few extra calories and still loose my pound per week.
