Very Illegal, College and High School names and logos are trademarks/copyrights, which also covers things like their logo artworks.
Colleges generate significant revenues from licensing their names/logos, and that means they expend significant funds to shut down infringers, Your use of this would be viewed by most courts as flagrant, illegal infringement.
If you get caught the fines are very expensive (in the thousands), far more than you will ever make off the products. I would not do it.