I have been thinking about it and considering taking a year off after university.
The way I see it, is if you get some decent, durable gear to start off with, it shouldn't be too bad, and all your money goes to food and rent after your season's pass.
If you ski literally every day, you really don't have anywhere else to spend your money, especially if you use public transportation (some mountains offer it) or staff housing. Cut your drinking to a night or two a week, buy bud in bulk with other people, and make friends.
I think there can be somewhat of a happy medium, as long as you work your ass off in the summer and are prepared to take night shifts etc.
Play in snow.