The last week of school at universities is called 'Final Week'. Each class has a final exam, testing the students on what they had learned the past semester. After the finals, school is done, so everyone looks forward to the finals to be over.
Because the final exams are about all of the schoolwork over the past semester, the exams are really hard, and students spend a long time studying for the exams.
The week before the finals, and especially the weekend before the exams, students will start studying very hard, and will often stay up until very late each night.
But as soon as your last final is over, it feels very good to be done with schoolwork, at least until next semester.