RubaDub got it right. I don't have access to the actual letter at this time, nor can i remember all the specifics, but the part that stood out the most was for Elders currently serving, or those who were being looked at as potential Elders, and whether or not their kids went away to college as in living away from home. As RubaDub stated, the issue of Bad Association and also how others in the congregation viewed the matter comes into play. If my memory serves me correct, an Elder currently serving who's child attends a University away from home, his privileges were to be revoked, although i could be wrong. What I know for a fact though, is if he was being considered as a potential Elder and his kid is away from home attending college, he was NOT to be considered any longer. I guess he's not setting a good example.
Another thing, for the record, the WTS has never to my knowledge ever come out and said, "No to College", but they do STRONGLY discourage persuing higher education especially anything longer than two years. Only in recent years have they backed off a little bit, saying maybe "some secular education" may be needed. As others stated depending on your location, attending a university can be viewed positively, or negatively. Six in one hand, half a dozen in the other. But for the recored, there is no "official policy".