MSc Psychology student here. I stopped working at Christmas, and, although I would say I have had SOME time where I have not been studying, this is pretty infrequent. I have to say on my course the workload was pretty relentless. I had to do 8 assignments in the term each different. A couple of essays, a literature review, neuroscience practical report, quantitative analysis, thematic analysis on qualitative research, a social psych blog post, and also get to grips with some psychometric testing etc. It was difficult to say I had much time to recover and I did feel the stress creep in even without a job towards the end of the assignment and taught period. I am now writing my thesis, for which I had to obtain ethical approval through a board (honestly a pain in the ass), then conduct a focus group with a group of students, and now at the stage where I will have to transcribe that data and code it in a qualitative methods style. I still need to complete a large literature review, and methodology section, then interpret the results. I am far from finished. That's just to give you an indication of how difficult this year has been. But, if you focus on the course and you put the effort in, you can do well. I wouldn't recommend working much when the work starts rolling in.
Hope this helps.