Special Narcotics Prosecutor Bridget G. Brennan and Police Commissioner Raymond Kelly said Tuesday that the students and three off-campus suppliers have been arrested and indicted.
Authorities say one supplier is charged with plotting to kidnap a pair of rival cocaine traffickers.
They say most of the sales took place at three fraternity houses.
The five-month investigation began in July.
Authorities say undercover officers bought cocaine, marijuana, Ecstasy, Adderall and LSD. In some cases, the LSD was in breath mints and candy.