depends on what you mean by balance. If the social life is too close (e.g. in your dorm) and distracting you, go somewhere (the library, a coffeeshop, and so on) to get away from distractions. If the problem is the opposite, e.g. maintaining a social life, just remember in school there is always more work to do...carve out time to have fun, even if it's on your own!