Yes, I've had it explained to me that you can rotate on a weekly basis by exiting out after the final exam but before the offer to continue to the next semester. I'm trying this with a household but haven't rotated back to them yet.
I'm getting a bunch of sims ready to go to university together. You can send as many sims as you want to manage at a time together by admitting them all together on the same day before the semester actually starts. Then rotate after the exams. I'm planning to have more sims go to university by joining on a weekly basis in different households. I turn aging off for everyone when I'm playing a household in university. I like them to graduate as young YAs starting out their lives with more skills. University is just a chance for characters to develop more and to "find themselves". I'll see what it's like when I actually get a rotation going in university.
I started out by testing out sims who completed degrees at Britechester and Foxbury while I got familiar with the campuses. I don't send all of my sims but I like that some sims go and some don't.