See http://fedoraproject.org/wiki/Infrastructure/Mirroring for details on how to set up a private mirror, register it in MirrorManager, and thus serve your college.
The information on the link above is very useful for the general work of the mirror, but for the fine details of creating a local mirror and updating the files contained on the mirror I will suggest that you also look at this link:
http://www.howtoforge.com/setting-up-a-local-yum-repository-fedora8
Thanks for the links. But I already manage one fedora mirror and a few other FOSS mirrors. I forwarded the mail only to let the list know about a new mirror coming up :) Thanks again.