Not to the gmail app on your Droid. You can, however, probably set up your gmail account to fetch mail from your college email account. Note that gmail's mail fetcher runs on its own schedule. It will notify you as soon as gmail receives the email but that's not the same thing as gmail instantly fetching the email as soon as your college account receives it.
Just go into setting and under filters I believe it will allow you to have emails forwarded to your gmail account and then you can make separate labels if you want them to go under a label instead of your inbox.