I don't know about other places, but here in Canada, Kraft Dinner is a staple of university life. It's cheap, easy and yummy. Also, it's not too hard to turn into a fairly well-rounded meal.
Plus, there's so many different kinds that there's usually something for everyone.
What I do is make it on the stove. When the noodles are partly cooked, I add 2-4 chopped up hot dog wieners, and a half cup of frozen peaches and cream corn.
When the noodles, corn and hot dogs are done, drain and mix up the cheese sauce as usual.
Sometimes I add some extra cheese, either cheddar or processed cheese, for more cheesiness.
Then I enjoy a big bowl of it :D