TheIntellect:
An intellectual peruses knowledge. That is what one does by choosing to attend University.

Well, that's ONE of the definitions of 'intellectual'.
http://www.answers.com/topic/intellectual
... 3a. Having or showing intellect, especially to a high degree. See synonyms at intelligent.
3b. Given to activities or pursuits that require exercise of the intellect.

Usually when someone claims to be an 'intellectual', I assume they mean 'intelligent person'. And yeah, intelligent people in university tend to be rather scarce.
But even if I were to adopt the definition of 'intellectual' which you are using, going to university does not make one an intellectual. Many people I know attend university not because they are in the pursuit of knowledge, but instead:
a. Want a shiny piece of paper which will increase their employment prospects.
b. Are expected to go by their relatives (and frankly, they don't have any other choices).
c. Want to fuck about getting drunk and partying and fucking.
Usually it's a mix of all three. The 'pursuit of knowledge' is more often than not absent from their list.