Your grammar is alright. Your content is good. I feel, however, that you are trying a bit too hard to use advanced vocabulary. This causes your work to sound a bit awkward at times, and causes you to make grammatical mistakes more often than you ought to. Don't be afraid to just use what sounds natural sometimes. Use the advanced vocabulary you've studied... but not all the time.
I'll give your work the usual grammar and usage run-down. Here ya go:
-That sentence at the beginning where you list all the reasons to go to college is too long. Break that up into two and it will sound a lot better.
-Don't need the comma before "in my opinion."
-How about this: "in college one's knowledge increases..." That sounds a bit more natural than what you wrote.
-This sentence is too long: "For instance, if I know a specific way of solving a problem and my colleague solves it with some different method so, I can learn a different method just by interacting with him and hence, augment my knowledge."
Try something like this: "For instance if I solve problems using a specific method and my colleague uses a different method I can learn something new by interacting with him."
-Try "one may even" instead of "even one"
-Look at this sentence: "Students may create a hobby club in the college and try to help others in various activities and so, it can become the best hub for creativity." Your grammar broke down because you reached too far to include the word "hub." Please know that I, a native speaker, probably use the word "hub" only once or twice in a year. Anyhow you could say:
"Students may create a hobby club in the college and try to help others in various activities. In this way a university serves as a hub of creativity." Always "hub OF" and never "hub FOR."
-Avoid using "etc" in essays. Stick with "and so on" or something similar.
-You don't need an article in "college helps the student." Just pluralize "students."
-You don't need "subjects which is of their interest." Just keep it simple: "the subjects they are interested in."
-You can be judged "on" or "by" but never judged "about." English is funny.
-change "can be that going to the college" to "can be that by going to college..."
Okay, I'm going to stop there. There are other issues, but this should get you started. If you fix those up I can take another look.
Overall, your work is pretty good.