College publications

Do they actually reject anything?

It depends on what you expect to come from it. If you're just doing it for the fun of seeing your name in print, go ahead. It won't cost you anything, right?

The magazine (it's actually more like a book- heavier anyway) that I was an editor on is annual. I'd never subbed to it though (conflict of interest and all). It's entirely student run, but we do reject quite a few submissions. If I dig up the spreadsheet, I can probably come up with a number.

But yeah, that's my experience. Not sure what it's like at your college though.

Edit: Can't find it, but my memory says we accept about 30%. So that's definitely still higher acceptance than most print, I think.

It's not a great exposure vehicle, but it does get your work out in front of your school peers (at least those few who read for enjoyment).

School literary magazine are going to be all over the place in terms of competitiveness in submissions and production quality. The one at the college I work for is pretty low-budget, but those at larger schools I've attended have been impressive.

Here is a literary journal from the well-respected Creative Writing Program of my home institution. It is extremely selective, and it has grown a significant reputation in just a few years:

http://www.ecotonejournal.com/about.html

Note added in edit: This one goes way beyond peers in the CW program, as do many of the better university-seated literary journals. These are not done by students, for students, although any students can submit.

It is a fun activity to take part in with your peers. You might want to save highly publishable work for a better venue but I see no reason to avoid it.