So there you have it. The first Sims 2 expansion will be "The Sims 2 University", and it will be released in March 2005.
You can imagine the rest. You pick a course (out of 11 possibilities), and have to keep your academic interests up to scratch whilst operating out of a dorm room or "frat house" and socialising at parties, college lounges, pool halls, gyms and coffee houses, or pulling pranks. You can also get a part-time job like tutoring or printing money for a "secret society".
The overall goal is to pass your finals and open up one of four new career paths. When you've done that, you can turn off the PC and go and do your homework, or worry about that big meeting on Monday, or have a shower, or eat some toast, or go to bed.
Or buy more Sims expansions. EA would probably like that.
Expect screenshots and more details to follow.