another College Health Nurse here, but retired now.
Remember, there are two types of meningitis, bacterial and viral. The vaccine will help guard against viral, the same as other virus vaccines like chicken pox but will not prevent bacterial.
Bacterial is the most prevalent, and spreads easily. We never had a case of viral meningitis at our college but had numerous cases of bacterial. They both have the same consequences if not caught early.
Our school did not require the immunization for those living off campus but if a student had the disease we had to notify all students in the classes and those without the vaccine and their parents were terrified. So go over the symptoms with your child, and have them seek help if any of the symptoms occur. I have read in college health newspapers about the students who had headaches and would take tylenol and go to bed to never wake up. And if they get the rash on their feet, it might be too late so don't rely on the rash as a diagnostic tool.
I would recommend to get the vaccine. I would call the college health center and ask what they charge for the vaccine, it might be less than what you would pay your Dr. We purchased the vaccine in bulk so it was less expensive. I do remember that they didn't sell less than 5 vaccines and private doctors had to buy 5 and might not ever use them so they charged more.