This is what I found on dictionary.com –

College: an institution of higher learning, esp. one providing a general or liberal arts education rather than technical or professional training.

University: an institution of learning of the highest level, having a college of liberal arts and a program of graduate studies together with several professional schools, as of theology, law, medicine, and engineering, and authorized to confer both undergraduate and graduate degrees. Continental European universities usually have only graduate or professional schools.

Personally, I’d rather go to a university, like Yale or Harvard (for example), than to a state college.

Hope this helps somewhat.