What does the term colegio usually refer to

The correct answer to this open question is the following.

The term "colegio" usually refers to a group of specialists or knowledgable people, experts in different subjects, that gather to discuss and agree on something. That is why the word is used to identify universities. Colegio means "College" in English. A college is supposed to be the place where experts - teachers - share knowledge and exérience with students.

i believe the term usually refers to a college or university