Parent's Basement University. It is a sarcastic/comical response to the question "Where do you go to school?" when you don't go anywhere, you just live off of your parents, most likely living in their basement.
A Friend's Dad: "How's school, where do you go? ASU right?"
Me: "No, actually they wouldn't even accept me, so I'm going to PBU. I got a full ride!"
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