Using this feature, advertisers can figure out know how old you are, where you went to school, what sort of things you like, and where you work.
The feature is designed to help brands tailor content to specific Facebook audiences in order to create more compelling social media campaigns.
Moving beyond the existing targeting options, language and location, brands can now target users based on:
University/College (in school, alumni, year, major)
In other words, brands and advertisers will generally know a lot more about Facebook users' information. Using this feature brands can write messaging that speaks directly to target audience likes and interests. Facebook hopes that "Page Post Targeting Enhanced" will create a more appealing environment for advertisers by demonstrating that Facebook really does have the user reach that they claim. via: business insider