Why are you blaming your becoming a "consumerist drone" on going to college? Why don't you simply stop "blowing [extra money] on luxuries" and save it for future needs and donate a portion (say...10%) to worthy charities and traditional chapels?
I will not advise you to continue or discontinue college, but, from the little you wrote here, I don't know why you're blaming these particular faults on college or the money you're receiving for going to college (which confuses me as well since most people, I thought, had to pay to go to college).
You can choose what to do with your time and your income. In fact, unless you are in debt or someone is holding you at gun point, what you do with these things is entirely your choice. The situation, you say, must be changed. The problems you have described are not problems with college but are problems that are going to continue to follow you whether your continue in college or not as long as you don't make a choice to change what you are doing.
The only thing I would advise, however, is that you do not go to confession tomorrow with a priest who was ordained in the new rite. Find a priest who you know was validly ordained rather than one about whom you already have doubts.