I'm the vice president of the disc golf club at Cal State Monterey Bay, and Team Captain of our intercollegiate team. We're going to be puting on the west coast disc golf college open (name is to be decided tomorrow, as well as date of event) for the first time this year. There's something similar on the east coast, but nothing on the pacific side, so we're currently in the process of getting it rolling along with the help of Scott Keasy of DGA. First, get a formal letter written up for tee sponsorship and basket sponsorship. I advise not charging extra than what materials cost, and have a double sign for each hole, one side with the map, the other with the hole's sponsorship information. If you approach someone with a formal letter written up, with everything already to go, it's much easier to get sponsors. Some sponsors we have are restaraunts, a headshop (mary jane'z... don't ask how it passed college review...), disc golf stores, local disc golf clubs and even produce sellers. Hell, even hotels or something for when a big tournament happens there, out of towners have a place to go to help support the course.
Go to your schools department of sports and rec to see if they'll rent out discs to people (used DX plastic and other discs most people wont throw because they're so flippy are perfect for beginners looking to try it out) once they play a few times, its likely they'll buy their own. Contact a disc manufacturer to see if you can get sponsorship for a hole and maybe exclusively selling their wares on campus in return for deals on bulk orders of special hotstamped discs or whatever. It's important to just keep trying to get your name out there, most people in the disc golf industry will be more than happy to help out a college build a disc golf course or start a club.
My campus was lucky to feature the last course Steady Ed Headrick designed and offered the campus an awesome deal on 18 baskets and 18 tee signs. Since his passing, we have had another course built out here with the help of a local grandmasters pro. Talk to all the older fellows who play disc golf and are serious about good sportsmanship and willing to add to the growth of disc golf, they will be HUGE assets to you, in information and possibly someone who could teach a disc golf class worth credits in the future! PM me sometime, and we'll exchange numbers so hopefully we can talk about this more in depth. Best of luck until then.