I worked for my University's student station for a couple of years. I started out on their *licensed* carrier wave station and then moved to their FM station (3KW ERP, IIRC). At the time it was the only network affiliated student station, and it *was* most certainly licensed.
After I left they did run afoul with the FCC when they moved (and modified) their transmitter/antenna without the proper authority. ...then had to go on bended knee to go back on line after being off for a month.
Karaoke carrier wave. Yuck!