One thing that I've realized so far during my short period in college, is that students need to blow off steam and let loose after a demanding week of schoolwork. In a college environment, that could be done through a variety of activities including, but not limited to exercising, hanging out with friends, and partying. As much as I'd like to say that every college student obeys the law and doesn't let alcohol touch their lips until their twenty first birthday, this simply isn't the case.
Our generation not only loves to have fun, but we also find the need to ensure that others know that we are having fun. Various forms of social media allow us to accomplish this, and Facebook is an often used platform to broadcast about the great time we're having. But what happens to that photo that you get tagged in while you're holding that red Solo cup? What happens to the photo that shows you clearly intoxicated, while you're under the legal drinking age? The article "The 5 biggest online privacy treats of 2013" addresses this issue.
Facebook uses the photos of you uploaded onto the site to create a detailed "faceprint" of what you look like from all angles. Facebook may use this "faceprint" to allow you to find people you may know that are also on the site, but there is nothing stopping Facebook from selling this unique "faceprint" to third parties. Remember- this "faceprint" is created with some photos of you doing illegal activities. With the possibility of Facebook selling it to a third party, there's no stopping a potential future employer from gaining access to this "faceprint" and the photos that make it up. I doubt partying college kids is an image that most businesses want their employees to have.
Please take my advice and remember that everything you put onto the internet lasts. Don't put things online that could implicate you in any way!