The US Department of Education has indeed granted them the right not to fully comply with Title IX, a 1972 law voted to fight against sexism and in particular to allow female students to access to sports programs in educational institutions.
Thus the law says: "No person in the United States shall, on the basis of sex, be excluded from participation in, be denied the benefits of, or be subjected to discrimination under any education program or activity receiving federal financial assistance."
But, according to a report in The Column, the exemption obtained by the 27 colleges will allow them to refuse services and to expel LGBT students without fear of prosecution.
Already a transgender student did not get housing at the Quaker school at the George Fox University in Oregon.
Here is the full list of colleges which applied to waive the law: http://thecolu.mn/wp-content/uploads/2015/12/titleixfulllist.png
Photo from southernct.edu