Well looking at being 20 years removed from college, I'd say if the media are only just catching up to students drinking to excess, then they should spend less time trying to take pictures of celebrity cellulite and cast their minds back to their own college days.
It always was the case. Young Adults, away from home and the first real taste of responsibility, hardly a surprise. As to the money to afford it, there were always student nights with cheap drink, but then you also had part time jobs just to get extra drinking money. And if that failed, a pleading act to the bank to extend the overdraft because you 'have to buy books'.
The key point is the world didn't when we did it, society didn't crumble, both Sodom and Gomorrah remained in tact. We graduated, got jobs, paid taxes and partied some more, then about five years later slowed down, became more responsible and lamented how the youth of today is a vile disgusting group and how far society has fallen since we were angels without a bean to our name and that summer we walked along the railway tracks because Vern overheard Billy saying Ray Brower's body was in the woods.
Good times.