The following brief review and spoiler will save you seventy eight minutes of your life.
First, here's the big giant spoiler about this film. Do not read further- here it comes, avert your eyes: the main heroine, the last girl who always survives in other slasher films, is murdered here. This is one of those cheap movies that was thrown together in the middle of the slasher era of the 1980's. Despite killing the heroine off, this is substandard junk. A mad killer is loose on a religious college campus- there's your plot. Both priests and college students get a bad rap here- they are oversexed, sociopathic morons who have too many internal problems to deal with campus life.
"Splatter University" is gunk I put in my VCR when I had nothing better to do. I should have watched my head cleaner tape, that would have been more entertaining.