[foxglacier]

It might suit some highly motivated people but the pressure of meeting all the deadlines which have heavy costs for missing (like repeat the entire paper next year and pay again) keep many students actually doing it instead of procrastinating forever. So does the pressure to simply get out of bed to attend lectures instead of learning whenever they feel like. It does sound silly but humans are weak and useless at doing things they don't want to do in the short term with nebulous future benefits.

This happens with mortgages too. People with a mortgage tend to religiously pay it off as required so they don't lose their house while people without, somehow don't manage to build equivalent wealth even though they could be scrupulously investing their spare money just as much. And once you have a house, it's easier to keep it than to keep a pile of money. Often when people die, almost their only wealth is their house. Where did all the rest of what they earned their entire life go?