Early Morning:
Certain key events happen here.
You might awaken to find something, or something may have jostled you awake.
You also equip everything for the day at this time, including special equipment (You can equip most things at any time).
Morning:
You can wander around on the way to school, and talk to friends.
Take too long, though, and you might miss class. Tardies are bad.
Minor battles may be fought.
Class:
You do classwork and increase your Int or Str (depending on the class), or take tests.
Sometimes, your teacher may ask you questions.
After Class:
You can wander around the school for a some time.
Some areas are restricted, since you don't have enough time (no dungeon crawling), but you can purchase items.
Minor battles can be fought.
Lunch:
Most unlocked parts of the school are available to be explored.
You can purchase items from the cafeteria or other places.
Battles may be fought.
After School:
Most unlocked parts of the school are available to be explored.
Or, you can spend time studying at the school library or working out at the gym instead.
You can also hang out with friends.
Battles may be fought.
Night:
Usually time spent at the dorms, you can sleep in or choose to study and do homework.
Sometimes, key events may occur.
You can keep in touch with friends at this time.
Late Night:
Certain key events occur at this time.
Normally, you're sleeping through this time.
Midnight:
The time of day at which the Shades are at the most powerful.
You can sneak into the school and enter all unlocked areas.
However, all the shops are closed.
Alternatively, you can sleep through this time.