I want to assign value to a variable when a user picks a choice in a dropdown in Odoo 11 Web Template. So when a user has done clicking the dropdown then a value will be assigned with a value accordance to user pick

<div class="col-md-3 col-sm-3">
   <select class="form-control" id="university_id" name="university_id">                
      <t t-foreach="universities" t-as="university">
        <option t-att-value="university.id"><t t-esc="university.name"/><t set="var_univ" t-value="university.name"/></option>                      
      </t>
   </select>
</div>

I want to set a value in var_univ variable with the name of the university. How can I achieve this?