Dreams often reflect our thoughts, feelings, and experiences in our waking life. Here are some interpretations of the various elements in your dream:

1. Student Organization and Authority: The presence of the president of your student organization might symbolize your feelings about leadership, responsibility, or your role within the group. It could indicate a desire for approval or the need to navigate your responsibilities carefully.
2. Keys: Keys often represent access and control. Holding onto her keys could suggest that you have some responsibility or access to important aspects of your life, or perhaps you feel entrusted with something significant.
3. Falling Asleep: Falling asleep while waiting could symbolize feelings of anxiety or fear of missing out. It might reflect concerns about your ability to manage your time effectively, especially as a college student.
4. Communication Devices: The use of a smartwatch to communicate with her signifies a desire for connection and communication. It may also reflect how technology plays a role in your relationships and responsibilities.
5. Being Out Late: The late-night setting with your dad and stepmom being surprised by your activity could suggest feelings of independence or the tension between your responsibilities as a student and your family expectations. It might indicate a struggle to balance your social life and academic duties.

Overall, your dream may be expressing feelings about responsibility, communication, and the balance between your personal life and academic pressures. It could be helpful to reflect on your current commitments and how you're managing them. Consider whether you feel overwhelmed and if there are areas where you need to assert more control or communicate your needs to others.