Limit Prompt Column Values to Active Values Only

Summary

Is there a way to limit prompt comlmn values to only inclue active values (exclude inactive values)?

Content

We have a Large Selection list (UDF) which contains a list of hundreds of college values. Some of those colleges are now inactive because we no longer recruit from them. Applicants pick the college from the selection list and we run a report of applicants based on the college we are interviewing that week (BTW, we do not use Education standard fields because sometimes candidates don't enter the latest education as Education 1). Because the list (of active and inactive is large), I'd like to only prompt recruiting to select those values that are active.