Wiktionary
n. (context colloquial English) A college, university, or any institution of higher learning in which there exists a culture of ribaldry and licentiousness amongst the student population.
Wikipedia
The term party school is used to refer to a college or university (usually in the United States) that has a reputation for heavy alcohol and drug use or a general culture of licentiousness. The best-known list of alleged party schools is published annually by The Princeton Review. The magazine Playboy also releases a list of party schools on an irregular basis. Many schools bristle at the party school label, and the lists have been condemned by groups such as the American Medical Association for promoting dangerous behavior.
Usage examples of "party school".
A rank of black cars stood outside the palace that had become the Regional Party School.