Yes, UNIVERSITY is a Scrabble word!

Letter values in Scrabble US: U 1, N 1, I 1, V 4, E 1, R 1, S 1, I 1, T 1, Y 4.

Is it a valid word?

UNIVERSITY is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

the body of faculty and students at a university
establishment where a seat of higher learning is housed, including administrative and living quarters as well as facilities for research and teaching
a large and diverse institution of higher learning created to educate for life and for a profession and to grant degrees