From reading that I guess it is not an NCAA sport but more of an intramural one? That probably would answer my question if so.
I would say it is neither -- somewhere in between.
Few colleges have enough skaters at the same level to hold meaningful competitions just between their own skaters.
There are collegiate competitions in which colleges send teams of individual skaters who compete against skaters from other colleges at their own individual test levels and earn points for their team based on placement in those events:
http://usfigureskating.org/story?id=83979&menu=programs
This format allows beginner college skaters, skaters who had reached a low level before college, and those who had reached middle or higher levels before college but took time off in between or scaled back their training when starting college to team up with each other at the same school and to take on others at their own levels when they go to meets.
The rules for the higher test levels at collegiate events are more forgiving especially in terms of required jump content than for the same levels at standard USFS events.
In synchronized skating, there are collegiate and open collegiate divisions that allows college-based teams to compete against each other at USFS synchro competitions.
If someday there are enough schools participating in either of the above forms of competition, maybe they would become an NCAA sport at that time? I don't know how that would work.
There are also a few colleges that host higher level (junior or senior) synchro teams. They compete against other junior and senior teams that are organized around rinks or skating clubs rather than colleges. Miami of Ohio has one of the top senior teams in the US that has represented the US internationally.
The US also holds a collegiate championships in the summer for individual junior- and senior-level skaters. But that's individual students representing themselves -- they just have to be college students to qualify to enter that event -- not really representing their schools.