The author proposes a Marxian class analysis of undergraduate education in U.S. four-year residential colleges and universities, highlighting the role of student labor in the production of courses, degrees, and campus life (college) and in the production of academic learning (knowledge). Undergraduate students are theorized as direct producers within two overlapping class structures: academic feudalism (college) and academic communism (knowledge). The concept of academic communism is argued to be normatively compatible with Marxian and liberal visions of higher education: the Marxian commitment to abolish class exploitation and the liberal commitment to academic freedom. As a constructive response to intensifying criticisms of undergraduate education as we know it, a Marxian view of college and knowledge offers an ethically grounded defense of the core mission of U.S. higher education, centered on undergraduate students and faculty members as coproducers of academic knowledge.