I certainly agree that it doesn't need to be one or the other. Many universities have great resources that you can tap, to help grow your business. The larger state schools are, in many cases, aligned with a small business development center or business accelerator programs. In addition, you have access to the faculty, which can be a huge resource, plus a good source for co-founders. College is a good time for exploration in entrepreneurship.
That's especially true at BYU, where I go. Several successful entrepreneurs, including the founder of SEO.com, FundingUniverse, InfoSpace.com, Omniture, and other successes, work with us in and around the Marriott School.
All of this support and all of these resources is one of the reasons I've been considering starting something new. When else will I have the opportunity to have so much support and so many resources?