There are more and more literary magazines specifically for undergraduates, and this is one of them. From their About Us page:
Outrageous Fortune is the first online literary magazine created for undergraduates by undergraduates. It was begun by a group of students at Mary Baldwin College, where its headquarters are still situated.
And from their call for submissions:
Mary Baldwin College’s online literary magazine is currently accepting submissions for our second annual publication. We accept all areas of work, including digital files such as short videos or video recorded spoken word. Each semester we look for fiction, non-fiction, drama, and art. As professors and department heads we would greatly appreciate it if you let your undergraduates know about this opportunity to submit their work for publication.