First of all go to class, it means you will have to study less before exams,
Second do your reading before each class and try to keep up with as much as possible (breaks between classes etc are good times to do it)
Also start your assignments earlier than a few nights before.
Other than that, the best way for you will be learnt and you will get better at it each semester. Reading will take you less time once you know what is most important and learn to comprehend academic writing at a faster speed.
By 2nd to 3rd year I had learnt to manage 2 days work, all my lectures and tutes, extra curriulars and going out with friends. It can be done, you may not see people outside of uni as much but you will still see them. If they are uni students they should undertsand how hard it is and you can usually find something that fits in well with everyone, me and my friends find night times best so we usually do dinner or hang out at eachothers place when we are poor. We also try and fit in beach time etc...
Also don't forget there are holidays, most of us work for most of it but you will find more time then.
Good luck