The last few years I was studying 25 hours a week, working 35 hours a week plus work online (pacboard, hitemup.com and streethop.com, as well as work for fatal and ish like that), a weekly radio show, and writing for a magazine, and juggling a social life, friends, too many parties, and a wonderful girlfriend.
Advantages= Money, money, money. With money you can do more stuff, I bought a car and travelled around the world, bought lots of studio gear, etc etc. Stuff I wouldnt do without a job.
Disadvantages= No sleep. I mean NO SLEEP! There were weeks that I was living on 2 hours a night!