Core77's Hack 2 School Guide offers some great and witty advice for design students.

They did miss two of the most important pieces of advice though:

1. Don't comapre your work to that of your fellow students or even your teachers. The vacuum which is any school is misleading and will cease to exist in four years. The people who get published in magazines that you look up to are your real competition. Think bigger and hold yourself to a higher standard.

2. Design is life and love. If you don't eat, breahte, sleep, fuck, drink, sweat design 24/7... please find a different profession. Design is not a job, it's a way of living.