Practice it at home, too! Just draw in your "study" and pretend you're Mike Brady.

Wikipedia: in 1937, the Federal Trade Commission ordered that LSEU cease and desist from representing that the school was a university. The FTC found that "while many of the respondent's courses of instruction were of college grade, the institution itself was not a university and did not possess the qualities and attributes considered by educators and the public generally as requisites necessary to be possessed by an institution to make it a university or to entitle it to be designated as such.

They went out of business in 1982; at its height they pulled in $50 mil a year.