As a 'student' at the college you are
employed as a Trainee.
You work a full week and then do more in your spare time to try to keep your job. Unlike uni you do not have the spare time to get a part-time job. You also do not have student status to apply for certain financial relief schemes.
You cannot seriously compare TATC life to student life, it is employment and must be compared as such. A better comparison would be to working in Tesco or McDonalds; both of which pay better, demand less and give you more free time. And job security.
But hey, just think, in three years (if you make it that far) it will all be worth it!