Sweatpants can also = Juicy Couture sweatsuits.
Unless you know for sure what school someone is going to and it's your school, I wouldn't say "never, ever" wear this or that. Campus culture is very different from place to place. In this case I agree with dressing up a little bit, but at some places, things like Lily Pulitzer dresses and pearls would be every bit as out of place as sweatpants would someplace else.