I think there is a kind of availability heuristic effect going on here. You hear about people who regularly pull all-nighters because they do boast about them

I think there is a kind of availability heuristic effect going on here. You hear about people who regularly pull all-nighters because they do boast about them so that it seems more prevalent than is actually the case. You don't hear the student bragging about how he got enough sleep last night and got all of his work done ahead of time. I'm an undergrad at Stanford and I think that if you plan ahead well enough it isn't difficult to get enough sleep and get all your work done. It's not only about managing time during the term, but also about managing which classes you take together term-to-term. There is also something to be said for developing endurance. Eventually you're going to have to do something you don't want to do while incredibly tired.. so pulling all-nighters is a kind of training for that.