Think of it this way: All the computers at your university are in a local area network. They can all talk to each other directly without going through any other servers. If you want to connect to anything on the wide area network (the internet), then you have to go through some kind of gateway. It's at that gateway that they're limiting your bandwidth.
I imagine you could get past this by setting up a (secure) proxy server on a friend's computer and routing all your traffic through there - but if you don't stop using p2p programs then you're simply going to get your friend in trouble too.
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