Many people are somewhat confused by the fact that there are both colleges and universities in America, and usually they mean the same thing. I go to a school that is called a college, but this June, the school will change its name to university.
There is actually nothing that will be changed other than the name, but the president of the school believes that a university sounds more official and serious than a college, and hopes that more students will decide to come to this school because it is now a university.
They will slowly change the name during the summer, because it requires a lot of work. From big signs that say 'college', to letter paper that have the name 'college' on it, they all have to be changed by the start of the next semester.