In the United States a University is a "Collection of Colleges", which generally includes Graduate studies (Masters and Ph.D).
For example, Columbia University consists of Columbia College, Barnard College, The Fu Foundation School of Engineering and Applied Science, the Medical School (Columbia-Presbeterian Medical Center), Columbia School of General Studies, Columbia Law School, the Graduate School of Art & Sciences & Teachers College.
The academic level of specific colleges can be higher that that of Universities. For example Amherst College or Reed College are amongst the most prestigious academic institutions in the USA.
Universities are not necessarily State/Government sponsored as they would be in Israel. For example, NYU is a private University as is University of Rochester.
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