I know plenty of college students who've had wonderful times during spring break - great parties, great sex, no regrets - and I can safely say that since it all happened 40 years ago.
I sure don't remember spring break being that big of a deal back when I was in college. Of course, it was JC and I lived in a relatively small town, maybe that was the reason.
We did know how to party, though, and thankfully, nothing too bad ever happened, cuz we were young and dumb.