So after a painful experience trying to bypass Error 12 and export my household, I was able to successfully start a NEW new game with my current household.
Upon importing them into a fresh game, I checked all the new University features. Social Group points and University credits DO TRANSFER when exporting Households! So, yay!!
However, here's the bug I need to report:
If export a lot that has a half-finished Street Art (wall or ground), the game will treat it like a new area where Street Art can be produced. If you attempt to use any other option other than "Clean Up," the game will not produce any art in that area and your Sims will not gain EXP. The "Clean Up" option acts as a reset command, making that area available again for Spray Painting to be done.