Something to consider this weekend regardless on where you camp is it is going to be a wintry mix at all elevations. The 26th may see rain but this will transition to sleet, freezing rain and finally snow Friday into the overnight hours and Saturday. So, depending on your location and tents rating, you might have to have someone up in shifts through the night to keep the tie downs tight and snow/glaze ice off the tent to keep it from collapsing or failing. If you are hell bent on getting out there this weekend, a shelter or platform location or hut is highly recommended. If it were me or my friends wanting to do this I would tell them to reconsider and do another weekend or point them towards a semi-sheltered type outing. Most are very cheap and if you are all sharing, you can all chip in to make it cheaper. It will be very icy this weekend and where it isn't freezing, be weary of trail flooding as nearly an inch of precipitation will be falling late Thursday night to Saturday. Just make sure you know what you are getting into and that you are well prepared. This weekends weather will be no joke.
And I echo Mark on the Franconia Loop. It is very similar to the Presidentials in conditions. Maybe look at the Ossipee range for some alternate trails. And if you need more trail information, check out the AMC's White Mountain Guide. It's like the bible of hiking for this area. Since you are at university, odds are they have a copy at your schools library to look at. If not, it is also online. Just make sure whatever you end up doing that you are prepared and not just hiking because you have two days off and that is what you have to do. The mountains aren't going anywhere.
Staff Meteorologist/Night Observer, KMWN (Mt Washington Obs., NH)