Vivek Singh, a B.Com second year student and native of Jamundeeh village in Azamgarh district, was found lying in a pool of blood by a passer-by who informed other students as well as the police, said SSP Anand Kulkarni.
He was shot eight times with a .32 bore pistol, Kulkarni said.
The student was rushed to a nearby government hospital where he was declared dead.
Seven teams of police, including crime branch sleuths, have been formed to trace those involved in the murder.
"It seems to be a case of an old dispute. 7 teams have been dispatched to look for accused & suspect. Investigation is underway. Situation is under control,” said police.
District Magistrate Surendra Singh also rushed to the spot immediately after the incident and tried to pacify angry students of the college.
Police force has been deployed in and around the campus to thwart any untoward incident.
(With inputs from agencies)