"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." (Like the Oxford-Cambridge boat race. But with trumpets.)The University, Fallen London's bastion of knowledge, is most easily accessible in-game to London's more Watchful, who are invited to become guest professors.
"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."
"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. Its more tolerant researchers may also let you exchange some valuable items even if you've been formally banished from the University.