Of course this song is about romance, but I think it is appropriate to many different situations. In a broader sense, the lyrics relate to our situations here in Muncie, Indiana and at Ball State. If you are a student, and especially if you are an international student, you know your time here is limited and in the "daylight", you will have to go your own way. But in the meantime, as long as you are here, I hope you will give all you've got, not only to your studies, but to your whole life's experiences here.
I know you are busy with your studies, maybe overwhelmed and discouraged at this point in the semester, but at the same time, I want to remind you that this time is very very short and before you know it, you will be gone. The "daylight" will come and you will leave Muncie. Don't leave without "holding tight" to a beautiful moment in your life.