In the U.S. the terms are synonymous; other countries use "college" to refer to some secondary schools, but "university" is always used to mean an institution of tertiary education and higher learning.
http://wiki.answers.com/Q/What_is_the_difference_between_college_and_university
In the U.S., in order to differentiate, one may need to look at the actual name of the institution:
University of Northern Colorado was changed from Colorado State College in 1970 -- Both were four year programs.
https://en.wikipedia.org/wiki/University_of_Northern_Colorado
Colleges, Universities, and Institutes: The Distinction -- Degree-granting institutions in the United States can be called by any of these terms, and colleges and institutes are in no way inferior to universities. As a general rule, colleges tend to be smaller and usually offer only undergraduate degrees, while a university also offers graduate degrees. The words "school," "college," and "university" can be used interchangeably. An institute usually specializes in degree programs in a group of closely related subject areas, so you will also come across degree programs offered at institutes of technology, institutes of fashion, institutes of art and design, and so on.
Within each college or university you will find schools, such as the school of arts and sciences or the school of business. Each school is responsible for the degree programs offered by the college or university in that area of study.