I've heard this same thing from a girl I went to highschool with a couple of years ago who now goes there.
It's a "super snobby fashion show". There's also apparently a lot of racism and seperation; asian people only talk to asian people, etc, etc.
Of course Its a massive generalization, but you must admit, especially if you've actually attended university, that different schools have different general atmospheres.
But hey, if your the kind of person thats never paid for a thing in your life, and feeds thier self worth off of popularity, you might just fit right in.