How are they performing in their classes? If they are performing well then what business is it of yours what they do with their time? Would you prefer that they go to bars instead?
I am concerned about the whatever part. Are these devices they have been provided for academic purposes? Do they use them past midnight for academic purposes? If so then do you really want to lock them out of doing that? If these are devices provided by the school for academic purposes then it seems reasonable that they be used for that purpose. Perhaps the solution is to install a policy that limits what software they can install (or perhaps can be used during certain times) instead of locking them out of the entire device. But if they perform well in school and don't get drunk and behave themselves reasonably well then you need to let them decide what they do.