When Clay is lost in the party world, he isn't necessarily paying attention to all that he is facing in life. In some senses, it seems that he is running away from the reality of his situation, which is quite disappointing compared to the glitz and glamour of his sexual escapades and the party life. But, then, one day, he finds himself facing the death of his grandmother, and he realizes that although it is jarring to him, his family doesn't necessarily care.
This puts him in close proximity to three unfortunate parts of life. There is the disappointment of his cold family, the sickness of his beloved grandmother, and the horror of death. These are the very aspects of his life that he attempts to ignore by partying. By enjoying his life, he avoids the grim reality of his life, but not for long. Eventually, they find Julian has become addicted to heroin, a temptation that has made a prostitute of him.
In his confrontation with addiction, Clay realizes that the sickness of his grandmother and the fun of the party life are not so different at all. They are both instances of life's challenge, and in both cases he cares very deeply for the people suffering but is unable to help them. This is an enlightening discovery, because he understands the stakes of his daily life, and armed with a new appreciation for his time, for his health, and for life, he goes back to school as an evolved version of himself.