Round here it is the Nike shorts and Chaccos with a party T-shirt and a baseball cap, or now that it is getting cooler - the same outfit with a lettered sweatshirt on top. The guys are in khakis or khaki shorts with docksiders and a Polo long sleeve shirt with the sleeves rolled up.
The girls here are big into the "pajama" jeans too.
Oddly, the girls from the "top" sorority look like they just got out of bed when they get to class and everyone else has their hair done and make-up?
I agree it is not that much different from the Umbros and leggings in the 90s - but we would have had the pearls on with every outfit.