Its pretty simple to handle really. This is how my day used to run back when I was at school:
School -> Home, eat, drink -> Play some minecraft (mcsg wasn't around back in 2011), around 1hr's play time -> Do homework which lasted max 5mins (I'm a nerd) -> Social life is done on skype/forums, on the weekends I met up with friends -> Play -> Eat -> Play -> sleep.
I find it best when you play before you do homework, since you just spent all day studying, so taking a break is good, it balances your schedule.
My schedule last year when I was at home 24/7:
Wake up -> Breakfast -> Switch on pc and check emails and also check 3 forums, by now I was admining a community, dev'ing another and Role Playing on another server -> Play for about 1hr -> Learn some Java and attempt to make mods -> Eat -> Make sure plugins are working fine/fix plugins/admin server -> Skype/social life on forums/weekends ->Eat -> Play RP server the rest of the night
When I joined mcsg:
Wake up -> Breakfast -> Switch on pc and check emails and also check 3 forums -> Mod mcsg, admin a community, rp, I stopped deving (server went down) -> Eat -> Mod mcsg -> earn Java and HTML -> Skype etc -> Eat -> RP in the evening
Current schedule:
Wake up -> Go to work -> 10:30 is 15min break, check mails/forums/skype -> 10:30 - 12:45 work -> If its a Tuesday/Wednesday I have work till 15:30 and have a 1hr lunch break, during that time I check MCSG, MCTF2 (mod there), MCW (My server) on forums and skype, the other days I finish at 12:45 so I just go home and work on my new mod, mod mctf2, manage my own server, eat, sleep.
As long as you balance everything out, you'll find time to do everything
(schedule from a nerd)