It's long but I generally like it. Since the focus is on skill building and individualizing the sim, I'm ok with the length. In some cases, some sims might decide not to finish or to take a break but graduating does feel like an achievement.
I play with 4 semesters for most sims. In a lot of cases now, they will go in groups and not all of them will get straight As. That's more realistic anyway. I'll only send individual sims if I'm really interested in them. Right now, I'm playing these Goth third cousins who are going through university. They interest me and I'm just playing the two of them. I try to avoid it being repetitive by doing something a little bit different each time.
I'd like settings for easier rotational play between terms but generally, I'm fine. Yes, I know the work around, I just wish it were more straightforward to rotate.
I'll add that I play university with aging off or nearly entirely off. I want my university sims to be more developed intellectually and to still have time while young. I really like how the sims differentiate if they've gone to university or not. The ones who have are more skilled and focused. I also play with some households that willfully rejected university and it's interesting to have that dynamic.