The lack of time, as well as price, is the main barrier to many students wanting to socialise. "is" is correct because it relates to "lack of time". There should be a comma after "price".
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Cup cakeThe phrase, as well as, means the same thing as - and.Yes, but 'as well as' is a subordinating conjunction, while 'and' is a coordinating conjunction.
Cup cake To use 'is' is an oxymoronNo, an oxymoron is a phrase containing opposite meanings, like 'military intelligence'.
Cup cakea couple o
Cup caketo many students' wanting to socialise.Technically, an apostrophe is needed, but there is controversy about whether this rule really needs to be followed in every case.