subscapularis- So sure, you've "failed." Except for college is not done, and gpa's at this point are still relatively flexible. You can always do post-bac work and increase it later too. What you really need to do is organize your study time and find a good study partner or group to keep you accountable if you're serious about improving. Note study partners don't necessarily have to be studying the same thing as you- just having someone else studying with you can keep you from procrastinating/wasting time especially on the internet. Get organized, buy a planner, and utilize office hours, ta sessions, fellow classmates, maybe even counselling, whatever works for you. It is doable- just breathe and don't panic! Good luck!
To the OP's original post if you can balance the two? Yes. You just have to be organized and honest with yourself. Work when you say you're going to work, and actually relax and have fun when you've promised to reward yourself with a break. Planners are your best friends because they can help you figure out when you have time to hang out with your real ones
(it'll probably be a lot more time than you think, barring finals week!)