Term coined by Beavis and Butt-head, refers to music in the 80s and 90s that was somewhere between alternative and artsy-fartsy, usually involving pretentious lyrics, too-artistic camera shots, and whiny or disinterested vocals. This music evolved into Indie Rock.
From the show:
The Flaming Lips
The Dead Milkmen
... and many others
Beavis says "Hey Butt-head those houses look fake" to which Butt Head replies "Yeah that's like the whole point of college music, to make the suburbs look bad."
Music that the general crowd of college goers, usually Jeep driving lacrosse players, will listen to. Leans toward "alternative", and is ultimately a softened down form of radio-friendly rock music.
Dave Matthews is a yuppie and makes college music.