You'll spend countless hours in your dorm room once you go off to college, and the majority of those hours will be spent in bed. Between sleeping, studying and relaxing, your bed will get a lot of use by you, and your study group. Since it is also the largest piece of furniture in your tiny space, use it to incorporate as many things as possible.
Remember that dorm rooms are small spaces without many options when it comes to decorating. Use your bed as a way to punch up the color and style in your room. Buy coordinating sheets, pillows, quilts, throw pillows, and blankets in bright shades. Be sure that they're extra comfortable for those nights of little sleep, but remember that you'll also need the space for propping up and reading. Consider buying a "husband" pillow, a pillow with armrests that provides support for your back. You may find one very useful while you flip through your text books.
Beds are on a completely different plane these days. Options are as vast as ever when it comes to finding a multi-functional sleeping space. Find a bed with a built in iPod adapter and speaker system if music helps you sleep or study. Other beds have bookshelves incorporated into the headboard, making bed-top study much more convenient.
Loft beds can incorporate almost everything that you'll need in your dorm room into one small space. In a loft bed, the bed is lifted toward the ceiling like the top bunk of a bunk bed. Underneath, they usually incorporate a desk and study station, bookshelf, and sometimes even a dresser. Having additional shelving below your bed will also provide a great deal of storage. Placing a loft bed in the corner of your dorm room would open up the rest of the space for your imagination to go wild.
Work With What You Have
In many cases, you'll have no option but to keep the bed that is already in the room. Try pulling the head of the bed away from the wall, and using a desk or bookshelf as a headboard that is accessible from the other side. This way, study tools are within reach of your bed, but you still have a separate study space. Again, the room is consolidated into a smaller space.
If your roommate is open to the idea, consider putting the feet of your beds together to encompass one wall of the room, leaving the rest open for desks and dressers. If you do this, consider making the entire room symmetrical, your side a mirror image of your roommate's.
If your bed is close to the ground, don't neglect the space beneath it. Your bed will take up so much floor space that it shouldn't be a waste. Use the entire space for under-bed storage boxes with wheels. Keep books, clothing, or even shoes in them to pull out at a moment's notice. Don't forget the space above your bed as well. Add shelving units to the wall that would have otherwise been unused.