I'm at student at a Big 10 university in the Midwest that has several highly ranked academic and athletic programs (the school overall is pretty good; lots of good research and opportunities for students to take advantage of.) It is also one of the highest ranked party schools in the United States, and while no one likes to admit it, many students come here for the party culture and access to substance abuse.
Being here for a while has taught me (someone who enjoys alcohol and low risk substances, but who doesn't like to party too much, just hang out with friends and go to concerts too much) a few things.
1. You will never stop substance or alcohol use on American college campuses. Students are far too desperate to intoxicate themselves, have far too much money (or willingness to do anything to get money), and have way too much free time to stop substance abuse. It will not happen. There are cocaine, LSD, ecstasy, prescription pills and medications, and even worse substances everywhere. Prohibition will only make people more violent and more desperate.
2. The reasons why people use these substances (both legal and not legal) are very complicated and varied, and the reasons why people CONTINUE to use these substances are not. I assure you if someone on a college campus tries a substance and enjoys it, they will get more of it and they will continue to use it as long as it doesn't drive their wallet or friendships into the ground (and often that isn't enough.) Understanding why students try substances for the first time is critical to understanding how to limit the use of these more dangerous substances. I don't care about alcohol, weed, tobacco, or hallucinogens, but coke and stronger narcotics and prescriptions are a ravage to a person's body and are just not worth it. I would like to see these be less acceptable, and figure out how to make their use be both less taboo and also less "cool".
3. This leads me to my theory about why most people try these substances, which is not universally true but it is a start.
A lot of kids smoke and drink a fair amount in high school, but act like they did a lot more than they actually did (I was an outlier, I smoked way too much, and honestly, it's caused me to not have a strong desire to use stronger substances), and then they get to college and there are no parents, no teachers that have a large degree of interaction (compared to most high school teachers that you see once a day or once every other day), and there are no rules, drugs are very easy to get, and it is a lot easier, even in the most prestigious programs at my school, to "go out" 2-4 times a week, and consume substance every day. It's too easy to try and use drugs on a weekly/daily basis and face no repercussions.
4. As much as collegiate and university administrations openly decry alcohol and substance abuse, they also are in the back pocket of most Greek organizations on campus, and basically give most fraternities/sororities a pass to do whatever they like (although on my campus, recently they've cracked down, so that's a good step.) While I personally have no objection to frats buying excessive quantities of alcohol and weed and throwing a good party once a week, the rape culture and encouragement of blackout drinking is something that needs to be curbed (and anyone who says the two go hand in hand is dead wrong), and ultimately, this is where the problem lies. We as a society have decried underage sex, underage drinking, and drug use, and college becomes a place for people to lash out against those constraints, only to realize that these things are not as good as they're chalked up to be.
To end the destructive nature of partying, we first have to change our cultural attitudes toward sex (and it's procurement, because every guy here knows it's easier to get a drunk girl into bed), alcohol, and drugs. Anything outside of that exacerbates these problems.