As you possibly know, you have picked a date here before Cambridge (which traditionally dates its foundation to 1209) had evolved the college system that would become synonymous with it. An earlier answer of mine which deals with the University of Oxford in the equivalent period of its development might be a good place to start, since Cambridge was founded by a group of Oxford academics and copied its basic institutions:

What would a day at the University of Oxford look like back in 1096? (Also with u/WelfOnTheShelf]

If you are interested more in the workings of the college system in the medieval period, then another of my responses, looking at Cambridge specifically but focusing on its exam system, might also help:

How were students evaluated in Medieval universities? Did they give oral or written exams? How long did they last?

And in fact a section of our FAQ deals with university education more generally.

While you wait for an answer on Cambridge specifically, you might be interested in this response by u/Steelcan909 on medieval university more generally.