Cory, I can give you much more information offline (via PM), but I am involved in a College EMS Program (in several ways), and find it to be a great experience alongside my education. I have come to believe that we are a critical part of the school's infrastructure, and despite the fact that we are often undervalued as a club, we are still a licensed ambulance service, inspected by the state OEMS, and that gives us wider credibility and status.
At my school specifically, we dont handle high acuity or particularly high volume calls, but we know that we serve an important role re: the city's ambulance service-- acting as a buffer for them, making sure they only transport semi-real ALS emergencies. Dont expect your campus to have 3 full transporting ALS ambulances-- but be realistic in looking for an EFR or QRS, with heavy emphasis on event standby, and possibly ETOH on every call.
I have gotten involved in the leadership of my group, and participated in a national collegiate EMS foundation conference, and look forward to more participation in the future.
There are several other members here who are involved-- do a search for NCEMSF, and despite the fact some may deny their affiliation, they have some cool stories...
What schools are you looking at? What do you expect to see in a college EMS service?
Dan