The University

"What is the University? It is what you may call a castle manned by learning and scholarship. Or a vicious and permanent dog-fight between Benthic College and Summerset College."

"Fallen London's two colleges, Benthic and Summerset, enjoy a healthy rivalry. They play team sports with each other. They play pranks on each other. On certain days of the year, they play trumpets and French horns at each other."

The University, Fallen London's bastion of knowledge, is most easily accessible in-game to players with Watchful 80 and up.

Summerset

"What's Summerset College like? A place of indolent privilege. Minor nobles rub shoulders with the black-gowned children of clergy, parliamentarians and lawyers in its peaceful quadrangles."

Summerset is the more well-bred side of the University, typically comprised of the children of higher society, clergy, lawyers, and officials. 

Benthic

"What's it like at Benthic College? Eager young radicals throng the halls. Students flaunt their tolerance and diversity; friendships with devils are highly prized. Revolutionaries infest the eaves. The soul trade thrives."

Benthic, the lower-bred college, is more accepting; it allows the soulless, devils, revolutionaries, and children of poor families to enter. It will also let you exchange some valuable items even if you've been formally banished from the University.