I've been in college all of my years of cosplaying technically (since I went to college when I was a senior in HS).
Really it comes down to space and time management. If you're willing to keep your dorm room clean, then yay. The only problem I've run across is that I do all my homework first and then do my cosplay stuff. I also space out my cosplay tasks over a time - start styling wig on monday, and continue throughout the next week or two in between sleeping, class, eating and homework.
The only issue I've faced this year since I'm making my costumes with patterns/sewing machine, is clean space to lay out the fabric. I'm stuck doing that late at night in the living room when no one else is walking through so my fabric isn't in their way.