Right, you are at college and you like to dress smart. There is nothing wrong with this as long as you don't full in the grandad look
I am going to assume you are an average size guy (not overweight or super skinny) so if you are either of those let me know as it will change things around.
Firstly, something like
This is probably a little too smart and formal. The shirt is too business.
Therefore, prehaps you could swap out the button shirt for something more like this:
Personally, I think a style like this could also really work - it has a good look to it:
Again though that is pretty formal. If your cool with it maybe go for even more casual and scrap the jacket and go for a T, jeans and an awesome cardigan:

If you wanted to make that a little smarter you could always get some darker jeans (in my mind, dark - not black - jeans look smarter).
Personally, I rock a style like this (i'm 20):
and while out clubbing something like:
The important things I try to do with my outfits is go for mainly darker colours (dark greys etc) BUT with at least 1 thing of bright colours. For me, if I was out clubbing (the last picture i linked) I would probably wear a darker shirt and throw in a really bright tie (neon pink, blue etc) just to really stand out.
You all good for watches etc? If your not wearing a tie, i suggest an awesome necklace like:
Hope that helps!