As you've probably seen from my facebooks and me talking Katie, you can do it...but it's really,really hard.
Basically, if I half assed in school I would have time to make costumes more. I know you're not the kind of person to do that though. I usually just make my costumes over breaks, and barely work on them during school unless I have a magical week of not doing homework before a con. It's really tough, which is why I always end up dropping costumes at the last minute.
What school are you going to? When I lived in the AiP dorms, there was not a ton of room to sew, but I made by with what I had. We had a whole apartment though, if you are going somewhere like whatever that college is in Corvy, the rooms there are TINY~ I dunno how someone would be able to sew in there if they had another roommate and an adequate amount of stuff. There may be places to work in the commons or stuff though.
Yeah so, any advice I could give is (I should be taking my own advice...haha) try to plan 1 to no new costumes per con, so you don't get all stuck with a bunch of **** to do like I always do. Save for cosplay if you still wanna do it but don't go starving yourself on cup noodles. You need protein and good stuff. And your life should go Your personal health> School> Family> Friends> Cosplay.