Though not posed as part of the original question, but there is also a "right of publicity" issue here, I think. If the photo is clearly intertwined with the identity of the campus, then I could see a potential issue. Answer would turn on state law on the matter.
With the copyright issue, my instinct would be, no, there would not be a copyright violation. Another issue, though, is that if there was an ostensible issue, I would also look at "fair use" doctrine as a defense.