Upon graduating from Central Collegiate, Lougheed enrolled at the University of Alberta from which he graduated with a Bachelor of Arts in 1950 or 1951 and a Bachelor of Laws in 1952. He played football for the University of Alberta Golden Bears and, in 1949 and 1950, the Edmonton Eskimos of the Canadian Football League. He also served as president of the Students' Union in 1951 and 1952, and was a writer in the sports section for "The Gateway", the University of Alberta student newspaper. While studying at the University of Alberta, he lived for a time in Rutherford House as a member of the Delta Upsilon fraternity.