The first semester schedule is 4-5 days a week. It depends on the week, really, at least for me. We have 3 classes - 507 (production #1), cinematic ethics, and screenwriting. In the beginning, we have more 5 day weeks because we have Avid labs, but after a while we don't have them anymore. We also have a diversity lab that is a part of the ethics class that meets once a month on a Friday. But other than that, for the most part we have 4 days of classes a week. Classes are overall kind of long, which takes a bit of getting used to - a lot of them are 3-4 hours at a time.
The workload isn't that bad the first semester, it's overall pretty chill. Most of the work comes from making your 2 films in the 507 class, but it takes about 1.5 - 2 months for that to actually begin. You also make your second film not long after you finish editing your first, so there's about a month when things are pretty busy (which is right now for us). I think the program is designed so that you're getting used to things the first semester. I hear it gets much more intense next semester, though.