But if the university did agree to remove it, wouldn't any links just return 404 error messages? I guess it would depend on whether this article was only about you or whether it contained other information that they may wish to keep online. But if that isn't possible, would they perhaps amend it or agree to an additional comment from yourself?
If these really are not options then I believe that shabbir is correct, your only action is to try to outrank it so that anyone searching for you would see other articles first, though of course that wouldn't stop them still seeing this one.
There is another similar thread to this one, "How to remove Ripoff Reports".