<p>Colleges (in general) give out undergraduate degrees. Universities, on the other hand, have undergrad students as well as Master degree candidates and even Doctorate (ie PhD, MD) candidates.</p>
<p>Universities are often more well-known, since they generally have larger student bodies and have a well-known research focus. Prestige is not the same thing as being well-known, although some people confuse them. Prestige refers to how well-regarded a school is. There are both universities and colleges which are considered prestigious.</p>
<p>Also, to complicate the matter further, I believe there are a few colleges which call themselves “such-and-such university” even though they only offer undergraduate degrees. (and vice-versa)</p>