Which one would you use? Progressive in cases like this is often used for temporary actions, and I don't consider studying at a college a temporary matter (I'm talking about studying for a B.S. degree or higher (that is three years at least)). Therefore I'd use the first sentence. What do you think?
I study at a college.
I'm studying at a college.
Please note that I'm not a teacher.
I prefer 'limited duration' to 'temporary'. The progressive form is the one I'd use. I'm writing a book - I've been doing it for years, but I am determined that it will be finished one day. The writing is therefore of limited duration.