This. Lolcowdom, to an extent, requires a certain kind of failure at life. A massive online presence being an absolute tard everywhere is the big draw. Most people that can afford college also know how to operate the interwebs. Therefore searching that demographic has historically been the most fruitful in finding these weirdos.Serious answer: it's not the college, it's the fact that people who go to college are also largely middle-class and have enough "cushioning" in their lifestyle that they can fail out of life and make fools of themselves, while still remaining safe, healthy (plus or minus), and online.
Compare to someone like Jenna Snow (Kat Burnell's vagrant sister) - she'd probably be a lolcow if she had any sort of support system, but since she doesn't she's just a homeless grifter who squats in abandoned buildings and turns tricks.
Though with social media taking off and making it so everyone has the ability to make asses of themselves online easily they are losing ground to the mutant trailer trash Jerry Springer demographic.