Last Chance U 

The official name for Carleton University, Ottawa, Canada. It earned and upheld its name after Maclean's magazine ranked it dead last in its university rankings, for the second time, in 2007.

Little Jimmy goes to Carleton University, aka Last Chance U.

Last Chance U by Roseann Runte December 26, 2008

Last Chance U 

A derisive name for a univeristy with a low standard of acceptance and few academic requirements, usually used by students at supposedly top-tier universities.

In Ontario, universities often earning this moniker include Laurentian, Lakehead, Carleton, Brock and Trent.

"Mike couldn't get into a good school, so now he goes to Last Chance U."

Last Chance U by Herwits October 31, 2007

Last Chance Undies 

Your last pair of clean underwear, reminding you that this is your last chance to wear any unless you get your laundry done; that pair of ugly old underwear that you reserve for an emergency.

Dude, I gotta do laundry today, I've got my last chance undies on!

Last Chance Undies by breezy-licious July 17, 2011

Last Chance Undies 

Old ripped underwear that you pack for a vacation trip then discard after wearing so you have less dirty laudry to pack for the trip home.

Julie: Why are you packing those ratty old briefs?
Augie: Think of them as disposable shorts, or last chance undies.

Last Chance Undies by Red Sam Black November 7, 2012

Last Chance Underpants 

The decrepit drawers you wear on laundry day.

Bobby: Hey dude, you're walking funny

Phil: I'm on my last chance underpants, they chafe like a mutha

Last Chance Underpants by nextdaycorn October 18, 2012