I also though the key was a good balance.
Don't leave everything to the last minute but at the same time you need to leave yourself some free time or else you just get burnt out. If you don't take sufficent breaks from school work you stop retaining the information and just wear your mind down.
My rule was that you should always leave at least one night a week of "free" time where you didn't worry about school or studying. Of course this could be difficult during exam time but I felt that if you scheduled accordingly you could make it work.
I would always feel refreshed and better studying after my "free night" and felt I would study even more effectively the next day since I would feel guilty about having that night away from the books.
In order to do this though you need to do what Troutman said and be prepared and don't procrastinate. If you work through the work as it is assigned to you, it won't pile up and you will find you have much more free time to yourself.
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