Here's a short story:

The original Latin word "universitas" refers in general to "a number of persons associated into one body, a society, company, community, guild, corporation, etc." At the time of the emergence of urban town life and medieval guilds, specialised "associations of students and teachers with collective legal rights usually guaranteed by charters issued by princes, prelates, or the towns in which they were located" came to be denominated by this general term. Like other guilds, they were self-regulating and determined the qualifications of their members. 

An important idea in the definition of a university is the notion of academic freedom. The first documentary evidence of this comes from early in the life of the first university. The University of Bologna adopted an academic charter, the Constitutio Habita, in 1158 or 1155, which guaranteed the right of a traveling scholar to unhindered passage in the interests of education. Today this is claimed as the origin of "academic freedom". This is now widely recognised internationally - on 18 September 1988, 430 university rectors signed the Magna Charta Universitatum, marking the 900th anniversary of Bologna's foundation. The number of universities signing the Magna Charta Universitatum continues to grow, drawing from all parts of the world. (End of story)

Provide your best guess for the following question. Give ONLY the guess, no other words or explanation.

For example:

Guess: <most likely guess, as short as possible; not a complete sentence, just the guess!>

Question: What was the first university?

The University of Bologna