‘I did have a go, I didn’t get chosen,’ he told Radio Times.
‘I remember going along with a couple of friends and failing to answer questions.’
The 61-year-old, who has hosted University Challenge for 17 years, was talking to Ann Widdecombe, said she had also been rejected for her college team.
But Paxman replied: 'It doesn't reflect at all on your general knowledge or your mental ability.
'It is a very particular thing, playing a quiz.'
He admitted that "'half the time' he slept during lectures.
Cambridge graduate Paxman criticised some students and institutions for having low ambitions.
Asked whether the rise in tuition fees would put off some of the brightest from going to university, he said: 'No, I don't, to be honest... I do not expect to see those people put off.
'They're clearly driven by an intense intellectual curiosity that cannot be fed any other way.'