I'm a senior in RL and I don't care for Uni in TS2. But it gives them extra want options and careers so I send all my Sims to college. I play rotational as well so what I do is 5 days for each family and one semester for the kiddos (I'm so boring - I make them study, all get on the dean's list, work on their skills and meet their possible mates). I do custom neighborhoods with only my created families in them. I start with 6 founding families and send the kids to college together. The reason I do the one semester in my rotation is that it lets the moms and dads age as well which they would do in RL.