I worked at a UC and companies retained all IP across all UCs and my undergrad school from the east coast was the same way. I’ve never heard of a university that let students keep their IP. I would imagine it would be hard to attract outside companies since the companies pay to be a part of the program. Can you point to a university program that allows students to retain their IP for senior design projects? I know if a student is doing a project through the school for a different class like a lab and they invent something or are volunteering the university has no claim to it but senior design is different.

The sad thing is the students who actually did the work will probably see no financial gain from this. Students pay to take a class and then a company pays the university for access to the students and the students ideas and work is used by a company with no financial benefit to the students. Everyone makes out except the students.