Hello Michael,
Are you trying to do something cool in python or get some results that might affect real world business decisions?
If you are trying to do something cool in python, I'm having a hard time thinking of anything. You could write a script to see which programs generally live closer to the college and which programs tend to live far away and commute in, but I think you would be able to do this faster manually in ArcMap.
If you are trying to get some results that might affect real world business decisions, I'd suggest contacting the college to ask for more data. If you are trying to increase number of applications to the school (to increase enrollment), you should see if you can get a database of applicants to the college (and where they live). If you have this information you can see where the applicants come from. Maybe they all come from the North side of Calgary (or even Halifax). Maybe they all come from lower income downtown areas (suggesting transit advertisement might be successful). Maybe they all come from mid income suburban areas (suggesting bill boards might be successful). I don't think you could do this analysis with the current student database, because it is likely that many of them moved to attend the school. Besides, current students are not your target audience, prospective students are.
In terms of increasing retention, I would take a similar approach. Try to get a list of students that have dropped out of the program. Are there any patterns? Do they all live in the same place? Etc.
Maybe you can see if these patterns exist in your current student database. This way you could tailor resources to suit the students at high risk of dropping out.
Sorry if that wasn't that helpful.