I do a lot of prep before I get started on a comic, especially if it's going to be a longer one. I'll do full character designs, color swatches, and costume changes for the characters. Story-wise, I script everything out, then thumbnail the whole thing, before I go back and actually start drawing pages. And if there are any recurring environments, I'll build rough 3D models of the locations so I can import and draw over those for my backgrounds.
As far as time spent on it... I'm in school as well, so I mostly work on my comic relentlessly during breaks. I'll spend all summer and winter break churning out as many pages as I can, then set them up auto-update during the semester, so I don't have to stress myself out worrying about missing an update. I've currently got enough pages to auto-update through August 10th, and I'm in the middle of working on another batch right now. As long as I get enough done to last me through the end of November before Fall semester starts, then I'm good to go, and I don't need to worry about drawing any more pages until Winter Break.
I'm not entirely sure how long exactly I spend on each page, since I work in chunks (I'll pick a scene that all takes place in the same location and pencil all of those pages, then ink all of them, then color all of them, etc.) but I typically work for about six hours a day, four-ish days a week, until I get enough buffer built up that I can take a break from drawing this comic and start working on other comics!