The university has failed to stimulate your mind, and give you cause to be aware
how little you really know. A good university education should leave the student with
questions and uncertainties, rather than a solid sense of self-assurance.
I think you need to separate the literal meaning from the figurative meaning.
"If you feel that you have both feet planted on solid ground, then the university has failed you"
He is saying (in my ever-so-humble-opinion) that the university should have opened your eyes to so many possibilities in the world that you cannot yet feel like you know where you are or where you are going. If you do know where you are and where you are going, then the university has failed to open your eyes to the myriad of possibilities out there.