In short, I spend anywhere from 30 mins to 3 hours daily. Most days it's 1 hour-ish, and it's difficult to say exactly how much because here's why:
Honestly I used to wake up at 5 everyday, and I'd just read. Nothing fancy, just read something. It could be pharmacy, comics, a good book, etc. Importance is in just the fact that you read fresh in the morning. If only for just 30 minutes, that's good enough.
This worked for me, because you will genuinely develop an interest for your subject matter, and then you find that you don't really "study" at all. For the most part I just go to class, I kind of just sit there with a sheet of paper and just pay attention to the professor. I may draw, I may take notes. I may read a little bit after coming home, I may update wikipedia pages in an effort to help others out. I play games, hang out with friends, play guitar, etc. But then again the next day I'll wake up at 5 and just read something.
In the end, whether you rock a 4.0 or 2.0, the importance is that you actually learn something. No, you do not need to remember everything, but you do need to remember how to go about finding anything. You'll find that while you're in school they'll teach you the most updated information, but once you get out you'll quickly fall behind if you do not know how to find your own information.
"50% of what they teach you will be wrong in the future, trick is figuring which half it is..." - Dr. Linn