I think it should but I admit I like the day off from class.
My college doesn't give off for Presidents Day thought but it does give 2 days off at the end of January out of no where. But when I went to community college, they gave us a 5 day weekend for Presidents Day (Thursday to Monday). But my question is out of all minor national holidays, why is MLK Day the day when they give off and not Columbus Day or Veterans Day, etc...?