No. You cannot race collegiate without your club being a registered collegiate club/team. So you will have to pay the $50 (or whatever) fee to USAC to get NDSU re-registered (might involve getting a sheet of paper signed saying that you are actually a club at the univ). Once you do that, you can purchase a one day $10-12 OR a regular racing license $30 and you will be eligible to race.
You MIGHT be able to get it by if you show up in completely blank jersey/shorts (no sponsors OR school logo or ANY logo) and race, but I don't think that's the case.
You should email our conference director Mark Guthart (can be found on USAC website) or the regional coordinator Larry Martin.