I have trained on indoor tracks that were one tenth of a mile. Never again. I believe that Harvard has a 220 yard track which is 8 laps to the mile.
It is wonderful to have an indoor track in a state with such severe cold weather, but it should not be used for training for serious runners in my opinion due to the unnecessary additional stress placed on runners’ joints.
If spending or land were not issues, then the fault lies in planning & priorities.
Another option might have been a six or eight lane 200 meter track (if, as suggested above, required by the NCAA) and a four lane 400 meter track for training purposes for serious competitors in middle & long distances.
Of course, ice hockey, swimming & soccer / football & weight lifting all need their space as well.
P.S. I believe that another poster who wrote that NCAA rules require a 200 meter track for indoor competition is incorrect (unless recently changed). But, as of 2013, although the NCAA recognized 200 meter tracks as typical for indoor competition, the NCAA rules permit either a longer or shorter indoor track for competitions.
If serious about competing & training for middle to long distances, go to a school in a warm weather climate where one can train outdoors year round.