I am currently living in rome on a student visa and plan to travel around europe for an additional 90 days after my student visa expires. I noted this on my student visa application (also noticed an inconsistency in the applications which stated that only 90 days were allowed in Europe, but also stated that 90 days of travel prior to or after student visa were allowable). is anyone able to tell me whether i will be okay to travel for the extra 3 months or if i will have trouble because of this extended stay?
As you're in Rome the very best thing you can do is make a quick visit to the US embassy.
Show them your passport and visa and get an informed decision. After all if something does go wrong it will be the US embassy which wll act on your behalf.
That having been said, my layman's opinion is that you shouldn't have any probems at all.
US citizens can apply for a visa extension for the Schengen zone when they are within that zone up to a few days prior to the visa's expiration date. Unfortunately the eurovisa.info website has disappeared. But just google schengen zone visa and ideally check with a website that comes from the EU country you'll be in when the visa is about to expire...