Man, this was a rough one to watch. I'm all for low budget movies, but this one looks like about the cheapest movie I've ever seen. Had the story been more interesting, this wouldn't have been an issue, but every time it starts to get interesting, it cuts away to silly subplots involving the students and ruins any tension. If the students were better developed, it wouldn't be an issue, but they feel like they're shoehorned in from another film.
Francine Forbes plays the leading lady and she's actually pretty great and likable. Whenever the film follows her, it's on a roll and we care about what happens to her. I'm not sure if it's because the writing for her is a little bit better or because Forbes is such a pleasant actress, but she seems to have been pasted in from a far better film.
There's about zero tension or scares, but some of the effects work isn't too bad and there are a few fairly gruesome murders. The killer reveal and finale finally ratchet up a little tension, but by that point, it's too little too late. The ending itself is shockingly downbeat and unexpected, so one must give them kudos for that.
Splatter University is a minor effort in the early 80's slasher cannon and probably for completists only.