As an alumnus of UMass Dartmouth (not as insane as UMass Amherst... but close), it should be mentioned that we used this as a stupidly cute way to refer to each other.
"Eh, what do I know? Remember, I'm just a UMassHole."
A student of umass. Typically, the word is used to refer to an undergraduate who has just been released from his parents' leash.
It pisses me off that I have to stand in front of those umassholes and put up with their bullshit.