Unless the card was issued with the correct University, it would be noted as UER: An uncorrected error.
Go to the page for the card and scroll down, on the left hand side you will see a heading: See any inaccuracies? Click there and you can report what you found. A note will be added to the card.
Before you do that, you should check on eBay or COMC or your own collection for the card and make sure that Pinnacle didn't issue a revised card correcting the mistake. (That probably didn't happen, but you need to check before asking for the database to make a "UER note".
Make sense?
TCDb is managed and updated by the members, so whatever you can do to assist is appreciated by all.
Sidenote: I have friends that went to Michigan State. They would be horrified if someone said they were graduates of Michigan. I'm sure it goes both ways.