I went to UW. Off-hand I can't think of ANY of my classmates who used transit on a daily basis. Everyone lived within walking distance, and the rest drove. I'm sure some took transit, but it was more local kids - (the program I was in, virtually everyone was from out of town). On the other hand, I know a lot of UT students who take transit every day.
The TTC scheme for UT is supposed to be revenue neutral. GRT's scheme for UW was actually revenue positive; i.e. it increased revenue; part of the package deal was that the increased revenue is used for a package of service increases and new routes in Waterloo.
It's all apples and oranges. UT effectively has 5 subway stations, 2 subway lines, and 2 streetcar lines going through it - and even a bus or two (6 if you count Bay, which may be closer to a couple of buildings).
But at the same time, what is good for the goose, is good for the gander. I dare David Miller to put a proposal for a referendum to provide monthly passes to all Torontonians for mandatory property tax increase.