Hmm. My impression is that it’s not considered offensive (American Heritage doesn’t list it as being offensive, for instance), but it definetely has a dated feel to it. It was used more normally in the 50s-70s when female students on a campus were often a new thing. Nowadays it’s not a word that gets much use, in my experience.
An apt analogy might be using the word “colored” to refer to black people. While “colored” is not regarded as inherently offensive, anyone who regularly uses the word would be seen as being “behind the times”, so to speak.
