You can create a world for your students, to live, study, and hangout in, but they would still have to go to either Foxbury, or Britchester Uni. Unless you have a mod that allows you to create a custom college. I am unaware of one.
In the game, you can put student housing, and a campus commons in any world, but by default they have to be tied to either Foxbury, or Britechester University. There is no generic Student Housing, or generic Commons lot type. Also there isn't a "University Campus" lot type, so sims still have to go to class at the rabbit hole universities in the Britechester World.
