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It's easy to get frustrated with Facebook. However, for college students, quitting it entirely can be difficult: it upsets your friends, removes the parts of the service that are useful, and makes it difficult to share things you create online with a large number of people. A mass friend cull, even if it's what you want, is time-consuming--cutting 500 friends down to 100 takes time. Plus, only having a few friends can raise social red flags that are frustrating to deal with, and people get their feelings hurt if they notice. However, using Facebook's friend list feature can make the service more useful, more fun, and less frustrating: a win as far as we're concerned.
The friend list creation feature can be accessed through the "featured friends" tab of the account settings (most easily accessed by clicking the "edit friends" icon in the friend list subheader on your profile). There's an option to create a new list--click it, and your friends should show up. Because creating a friend list is opt-in rather than opt-out, it goes pretty quickly to whittle yourself down to the 100 people you're interested in from the entirety of your friends.
You can filter your homepage by friend group by going to the "Most Recent" view rather than the featured news feed. Pull up the list that you created, and you'll have access to updates from people you care about. Change your main Facebook bookmark to that URL (the group's most recent news has a static URL), and you're good to go.