When someone in university is not taking a full course load, which ends up giving them too much free time when everyone else hardly has any free time.
Similar to being in summer school but during the regular school year.
Joe: "Why are you so free man? Winter exams are coming up."
Aazam: "School in July, baby."
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In American term-times, July is the time when children don't have school. Thus someone who's just like school in july has no class.
"Dude you're just like school in July: no class."
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