Not reality. 41% of people in the US are enrolled in college (in 2010) Source. If we assumed that the US has representative IQ and use a 15 SD IQ scale, then the top 41% of IQs are all people with IQ of at least 103.41. I calculated that average IQ of a the top 41% of the population on wolfram alpha. (It is easy, because by definition, IQ follows a normal distribution.) I got 114.2.
If US citizens between 18 and 24 are representative of the entire population in terms of IQ, it is literally impossible for the average IQ of an undergrad student to be 115 or higher.
Hmm. I'm not 95% confident of then number I gave, but I haven't been able to turn up anything disconfirming.
I did a bunch of research on the heritability of IQ last year for a term paper and I repeatedly saw the claim that university students tend to be 1sd above the local population mean, although that may not apply in a place with more liberal admissions practices like the modern US. More research below, and I'll edit in some extra stuff tomorrow when my brain isn't fried.
Some actual data here (IQs estimated from SAT scores, ETS data as of 2013)
Surprisin...
If it's worth saying, but not worth its own post (even in Discussion), then it goes here.