Note that some of these arguments are based on the idea that we have to either wait for a vaccine or go back to normal and let people get whatever effects COVID-19 has.
However, knowledge about COVID-19 does not stay static. It is not vaccine or bust. It is entirely possible that it may be too risky to fully reopen everything including colleges now (and even if everything were fully reopened, many people would still be afraid to go back to normal), but it may not be at some future time before a vaccine is ready, due to greater knowledge of the numbers and risks (currently very incomplete due to lack of testing) and potential findings in medicine that make avoiding bad outcomes* of COVID-19 more likely and predictable (instead of being viewed as a lottery with some weighting based on pre-existing risk factors) with effective observation and treatment protocols.
*Death is one bad outcome, but others include need for hospitalization, or long term damage to lungs, heart, blood vessels, kidneys, nervous system, etc…
In other words:
Today: getting infected looks like a lottery of unknown odds, and if you are infected, the chance of a bad outcome looks like a lottery of unknown odds.
Possible near future scenario: the risk of getting infected is fairly well defined, and if you feel sick, you can easily be tested for COVID-19, and there is an effective observation and treatment protocol that will make the risk of a bad outcome very low.
It would not be surprising if colleges were much more confident in reopening in-person under the possible near future scenario, if such a thing happens, than under today’s conditions. Presumably, they are waiting and hoping for such a scenario, or parts of it, so that they can make better informed decisions instead of just guessing.
Governments and individuals would also likely feel more confident in that possible near future scenario than under today’s conditions.