The University of Texas system has added Second Life to the curriculum across all 16 of their campuses. The U of T is experimenting with using Second Life to find out how to lower the cost of undergraduate interactions between faculty and students. The initiative was funded by The Transforming Undergraduate Education Program at the U of T.
Linden Lab, the company behind Second Life made the announcement on their blog. The University of Texas has 9 university campuses and several medical and health campuses. The University will collect data on how Second Life is used by students and faculty.
The last time I recall Second Life being used by a college is when Bryant & Stratton hosted their commencement ceremony on the virtual world.