What are the beneficial ownership requirements for a college? Is it considered an entity?

Depends. Is it a state run school? If so it is a government entity and excluded from the definition of a legal entity.

Is it a private college, perhaps owned by a religious organization? If so, it may be a non-profit and you would be responsible for obtaining a control prong.

If it is a for-profit corporation, LLC, etc. then both the ownership and control prong would apply.

Remember beneficial ownership requirements are based on how the business is organized, not by what type of business it is, which is why I cannot provide a more specific answer to your question.