Well, in college, there are three fundamentals:

Sleep, Social, and Academics.

However, you must sacrifice one in order to keep the other two well kept up. Now... Personally, I sacrifice sleep (getting anywhere from 2-5 hours of sleep a night) and I run fine. My Grades are above a 3.0 and my socialability is very good. Now, sometimes, I switch sleep and social, simply if I feel anti-social and/or my body is just run down after a couple weeks of few sleep.

So, it really depends on what you value.