The recommended way is to create a new model and give it a OneToOneField() with the built-in User model like so:
class Student(models.Model):
user = models.OneToOneField(User)
college = models.CharField(max_length=30)
major = models.CharField(max_length=30)
etc.
Then you can access the fields like this:
user = User.objects.get(username="jsmith")
college = user.student.college