More than 100 students and some university staff have occupied part of a campus building in Devon.
They said education "was under attack" and have called for a re-assessment of the government's planned spending cuts.
The occupation, at the University of Exeter's Peter Chalk Centre, followed a march through the city centre and a rally in Bedford Square.
Students have also demonstrated in Falmouth, Cornwall, but a two-week sit-in in Plymouth has now ended.
Protests against education cuts and the proposed increase to tuition fees have been taking place across the country since last month.
A member of staff involved in the Exeter occupation, who wished to remain anonymous, said: "Staff at this university stand in solidarity with the students at this occupation.
"These cuts affect all of us and our ability to teach."
An estimated 140 people are occupying the lecture theatre.
MPs are due to vote on Thursday on the coalition proposals - which could see tuition fees rise to as much as £9,000.
Despite the planned increase, universities minister David Willetts has claimed thousands of students from poorer backgrounds would be better off.
He said many will be able to have their tuition fees paid for two years from a new government fund.