No. The decal you purchase is for personal use. It is not intended for you to place on items for resale as this would be a trademark infringement because the college did not license you the right nor did they endorse the product you would be selling.
If it were only that easy ;)
You may be able to acquire a license to offically sell branded products, but you will have to explore that.
I suggest you discuss any of your plans with a lawyer before executing just to make sure you are not placing yourself in peril.
Most of us here, including myself, offer a free phone consult.
The law firm of Natoli-Lapin, LLC (Home of Lantern Legal Services) offers our flat-rate legal services in the areas of business law and intellectual property to entrepreneurs, small-to-medium size businesses, independent inventors and artists across the nation and abroad. Feel free to call for a free phone consultation; your inquiries are always welcome:
DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.