Don't wear it with baggy old jeans. You want to look sexy, like you just tossed that ol' thing on - and damn right it's a killer colour which sets off your eyes just so. We could have a whole long discussion here about why it's called a boyfriend sweater (and I don't know the right answer) but I'm pretty sure that looking like your boyfriend is not the objective.
Also, don't wear a sweater that's both oversized and chunky. That would be a little too retro in a rather unflattering way. Go for a light weave that accentuates your curves rather than amplifies/muffles them.
Wear it with sexy jeans. Especially when you're running around campus, this is comfy and chic. I have hips and am therefore afraid of skinnies, but skinnies + boyfriend sweater + ballet flats/ankle boots + large tote = cuteness! Try these NFY skinnies with these flats by Pedro Garcia. I'm not normally into skulls on my clothes, but I am quite enchanted by the cute little skull on those adorable flats! Oops, I am afraid to admit they're $450, so try these cute red ones by Bandolino for a much friendlier $65.
Alternatively, trouser jeans like these Seven For All Mankind Farrah Trouser Jeans would be perfect. Whatever it is that you pick, make sure they're well-tailored to set off the casualness of the sweater.
Wear it over a slip dress or a sweet little strapless dress.
Try it cinched at the waist with a thick leather belt to give it more definition.
You could also wear a boyfriend sweater with an ultra feminine vintage-style full knee-length skirt.
Don't forget to accessorise! Scarves, jewellery, heels.
Go for it!