Without commenting on whether or not a suit is valid...
I will say that a settlement amount of $100K is actually rather insulting.
College graduates rarely hold minimum wage jobs for their entire working lives, , and if there is a legal decision that the college is responsible for making compensation for the deaths, included in that should be the earnings lost.
I cannot begin to put a price on the life on one of my children, I do not see how anyone could. But if one were to put a dollar amount on it, it better include not only what that child likely would have earned during their life, but also to include something to balance the fact that that child would never have children (my grandchildren).
Decades ago, when a GI truckdriver ran over a German farmer's chicken, not only did our government havre to pay for the chicken, but for ALL the eggs that chicken would have laid as well. If we can do that for a foreign fowl, how could we do any less for a human?
They may not be found legally responsible, but my personal opinion is that any place that forbids you the means to protect yourself assumes and implies that they will protect you, and if they fail in that charge, then they are liable.