Would I be made fun of at my college for wearing this?

Something that is form fitting such as the tights and leotard shouldn't be noticable. The tights will most likely be unnoticeable. Depening on the shirt you wear over the leotard and the style of the leotard, it may just appear as an undershirt. People will always have something to say, so if it does happen ignore it and go on with your day. It's great that you are doing something that you always have wanted to, and ballet is a good choice. Hopefully this too will lead into you being a better dancer overall. It's not a bad thing to know how to dance, or learn how.