Option 1 (Simple):
```
C O L L E G E
```
This is a straightforward representation using only the letters of the word.
Option 2 (More evocative):
```
📚🎓🏛️📖✏️
```
This uses Unicode characters to represent common college-related objects: books, graduation cap, government building, open book, and pencil. These aren't ASCII, however. To stick to ASCII, we would need to use text descriptions.
Option 3 (ASCII description):
```
A place of higher learning, with books, students, and professors.
```
This is a longer but more descriptive representation.
Option 4 (Abbreviated ASCII):
```
Higher Ed
```
The best option depends on your context. If you truly need pure ASCII, Option 3 or 4 are your only real choices. If Unicode is allowed, Option 2 is much more visually evocative.