Just like there is no void in life, there is not at business school. You have to fill up your time with something.
As an MBA, you get to have great powers. But like the Spiderman Principle states, "with great power comes great responsibilities". The power to sleep is interestingly one of them.
Most MBA's will prefer option 3.
My suggestion is that MBA's should try to include their facilitators in their socializing, not just with their colleagues, HR Managers or CEOs. At least you get to know how though the examinations or test will be and possible areas of concentration. This defines as a great social life.
The problem with 'good grades' is that you get them on your own. But 'great grades' are gotten when you work in groups with like and unlike minds especially those that have something to offer academically.
Sleep is sacred but too much of it is equivalent to practicing death. Why sleep for so long when you will have enough in the grave. So, 4 hours should be enough for one day. This defines great sleep.
Great social life + Great grades + Great sleep = Great MBA
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