By mistake i entered wrong college name and now I want to change it? What is the optimal way to do it or it is NP problem ?

You can do it in constant time, by going to your profile and clicking on **EDIT PROFILE**.

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You can do it in constant time as bugkiller has mentioned but still it is a NP problem. Check out the wiki article http://en.wikipedia.org/wiki/NP_(complexity) an especially the attached figure in it.

Maybe you meant is it an NP-Complete problem then the answer is No.