I worked at a UC and companies retained all IP across all UCs and my undergrad school from the east coast was the same way. I've never heard of a university that let students keep their IP. I would imagine it would be hard to attract outside companies since the companies pay to be a part of the program. Can you point to a university program that allows students to retain their IP for senior design projects? I know if a student is doing a project through the school for a different class like a lab and they invent something or are volunteering the university has no claim to it but senior design is different.