I've been in colleges on both SAMP LS:RP (USALS) and GTA:W (ULSA). Usually it turns out to be an OOC shitfest, when some people want to just rp around campus and be full time students and other people want to use the college as a development platform for their characters (mob, lspd, you name it). Me, @Street Boss, @Bellagio and few other guys joined ULSA on GTA:W and we got ton of hate the next few days, just because people knew we eventually gonna develop into illegal characters. So if the college's leadership acknowledges the fact that people want to develop through this platform, it'll be amazing - internships in various companies/departments, scholarships for athletes, etc etc.
And obviously - it should be a crime-free zone on OOC level, BUT certain small crimes should be allowed for students only (acts of vandalism, small drug deals, fights, etc).
P.S. Shoutout to Josh (Jack Ponaro) if he's still around.