
There are colleges that have courses in various aspects of Magic. I know that when I was living in Los Angeles many of the guys supplemented thier income by doing classes at one of the local campus'. I have personally be invited in for talks with Theater students that were studying special effects systems and set building and even offer some special programs through the business/consumer law and of course psychology departments that address the whole Psychic & Philosophy issue.
If I remember correctly Jerry Andrus used to teach classes about how the mind lies. Those familiar with Jerry's penchant for physical and artistic illusions (not magic tricks but oddities) will have some idea as to the type of things he addressed.
There are legitimate "schools of magic" that have seen far better times than they know today, one of the most successful being the Chavez Course in which folks were taught the classic/traditional modes of manipulation (a.k.a. Channing Pollack/Lance Burton styled manipulation magic). You can also learn about certain aspects of magic by going to the Ringling Bros. Clown College in Florida but, as the name implies, this deals with the art of being a clown more than anything else (though I highly recommend it for children's performers).
Some colleges will let you tailor your major and more or less "invent" a degree. It's a bit more challenging and you must get a number of staff members to agree to work with you in developing the curriculem, etc. but it can be done.