Dwight attended the University of Iowa, where he played for the Iowa Hawkeyes football team. He finished his college career with Big Ten Conference records for punt return yardage (1,102) and punts returned for touchdowns (5); his yardage mark has since been eclipsed by three others and Ted Ginn Jr. surpassed his return touchdown mark. Dwight held the Hawkeyes team record for career receiving touchdowns (21) until 2011, when his mark was surpassed by Marvin McNutt. He held the team record for career receiving yards (2,271) until 2010 when Derrell Johnson-Koulianos became the all-time leader in receiving yards. In 1997, Dwight was a consensus first-team All-American and finished seventh in the balloting for the Heisman Trophy.