How much % of your revenue, do you think comes from students at your university?
Reason I'm asking -- if it's a small (but still statistically significant) portion of your revenue, say 5-10% ... you may want to consider adding code to your site so that AdSense is NOT shown to any IP addresses coming from your university's netblocks. It's a bummer that you'd have to sacrifice some revenue that way, but I could definitely see (and you sound like you understand) where Google might see a lot of clicks coming from the same IP address ... and especially if they all tend to have the same browser identifier (i.e.: if the lab & campus machines all have the *exact* same build/patch level of Windows, you could definitely see this). That could definitely make things look suspicious, and I'd say it's better to sacrifice that 5-10% (you could suggest to Google as a part of your emails that you're happy to do this as a way to help them out at your own expense) than to be in this situation.
If your revenue share from internal traffic is significantly larger, though, it's probably not a good idea to do that.
Good luck ...