I have a few friends from Sambalpur University. Here is what they suggest you can do on weekend. 

On Saturday night, you can have long walks with your close friends, listen to music, and sleep. 

On Sunday, you can start your day by studying and wrapping up the assignments. After that, you must go to the weekly market not just to buy things but to watch people that can refresh you. If you are a foodie then don't forget to have yummy bread chops from the weekly market, Chhole Bhature near the bus stand, and delicious Gulab Jamun from Ram Bharose. Then you are ready for the week coming ahead according to your regular schedule. 

You can also visit nearby tourist places.