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So you check that tickbox when you assign a guardian. Pay the extra gold.
Only difference to regular education.
https://ck3.paradoxwikis.com/Attributes#Point_modifiers
"Having a child educated by a guardian who has a University building in their realm (and paying gold for the privilege) provides a guaranteed +12 points. Thus, a university education is a nearly assured four star education trait for just about any child. The internal flag for attending a university is set on the child immediately and not removed if their guardianship changes, so even if the University holding is lost or the guardian dies, the bonus will still be awarded in full.
So the University bonus works the same like a Court Tutor. Even if the tutor dies and you don't employ a new one, the child always receives the full bonus as long as it had the tutor at any point of his life.
This may be slightly outdated, as one line in the "Basileus" patch notes says:
- Significantly reduced the gold cost for sending children to university, but also reduced the effectiveness of it
So a university education might not guarantee a four star education anymore
That's good to know because never really messed with sending them to University since usually too broke to do it. I spend all my gold into buildings, MAA, and travel. But the one time I did it, I had a vassal who controller a University that it let me send one of my kids to but it made him their ward and he kinda sucked lol.