This topic was requested by an anon, but it's one I'm happy to talk about anyway because I've always loved running universities for my towns. I've been faking universities since the early TS2 days before the Uni EP came out. TS4 doesn't have a Uni EP yet, but like all the other versions of the game, I imagine we'll probably get one eventually. And when we do, like in the other games, I'll probably use some of it and mod the rest to work into my own custom university system.
why go to university?
I use a harder skilling mod because of the long lifespans I play, and my sims have plenty of drama and chaos in their busy lives that leveling up is actually very hard for them. Considering their 4 allowed play-days per year, and that they only skill when they want to (and for many of my sims, that is not very often at all!), many of my less studious sims never reach more than a level 2-3 in most skill areas.
The system I'm using was something I made up for my TS3 sims, but nothing really ever came of that project, so I'm using it again here with more luck. With the combination of harder skilling and my town career limitations, going to university is a real benefit for many of my sims.