The answer to this question, based on the precedent set by Steinberg v. Chicago Medical School is that there is a valid contract; the school bound itself to honor the obligations set forth in the college catalog.
The Steinberg v. Chicago Medical School case occurred in 1973, when Robert Steinberg applied for admission at Chicago Medical School only to be rejected and Steinberg filed a class action claiming that the school did not evaluate his application according to the academic entrance criteria printed in the school’s bulletin – Steinberg claimed that the decision to admit the student is based on nonacademic criteria. The court ruled that Steinberg deserves to have his application judged according to the school’s stated criteria.