Understandably. The kicker of it all is that a pool of about 12 people actually listened to your show (given the fact that all you got was a $35 annual operating budget), so it really wasn't hurting the school per se (albeit the flyers brought more attention because it said "beer").
I never got banned from my buddy's college radio show, so that makes me better than you. I would do bits on there involving a gay Justin Timberlake and we never heard from his agent or from the school. We basically could have done anything we wanted without too much worry.