Bobby, I am in college and I laugh at that song because I know the things they are singing about will be true for me.
Also, I think that it makes sense to have it in the show when you think about what is going on. Rod is living on the street, Kate is crushed because she is at The Empier State Building waiting for Princeton to come and Princeton got dumped by kate. They are all longing for a better place in in thier lives and to them, college was that better place, that place where they wish they could be when things weren't so bad.
"If you try to shag my husband while I am still alive, I will shove the art of motorcycle maintenance up your rancid little Cu**. That's a good dear"
Tom Stoppard's Rock N Roll