Hi Joe,
In my opinion, not a very good idea at all for a number of reasons, to which I will elaborate.
Firstly, College students ( I think you may be USA based, as we call them Universities in the UK) and Colleges normally finishes around 6:00pm even earlier depending on lesson times. They like studying with no distractions and what you mention, are ALL distractions, from the coloured lights idea, and the bizarre darkness parts....they study at their University campus, mainly in the library, and in their accommodation on site, or off it, if live away.....the last thing they're going to need is the sort of environment you describe.
Most Students are on a tight budget, and use their evening time to socialise in Pubs and Clubs, Cinema, Bowling etc. alcohol and good times is what they want...just can't see you attracting enough to make you a living.
Secondly, other potential punters/clients will be far and few between, maybe just maybe, depending on your location, be busier at certain times of the year, but not justifying your outlay and input....at that time of evening/morning.
I have had three of my four children go through College, and then, University..two graduated, one still at Bristol...my fourth is in College at the moment....moving on to University in 2019.
I have shown your question to my 22 year son, who's here visiting....he thinks it's not a good idea too, for similar reasons....hates the lighting idea.
Why don't you plan to open a coffee/snack shop, near shops and a College/Uni campus, open daytime hours and hopefully will do well,once established.
There are plenty here, in the Brighton/Worthing area of Sussex,UK, that are always busy, throughout the year.....best of luck to you. ☺