Knowing C also helps me write more performant code. Fast Java code ends up looking like C code written in Java. For instance, netty 4 implemented their own custom memory allocator to avoid heap pressure. Cassandra also has their own manual memory pools to try to improve performance, and VoltDB ended up implementing much of their database in C++. I've been able to speed up significant chunks of Java code by putting my "C" hat on.
I would recommend every college student learn C, and learn it from the perspective of an "abstract machine" language, how your C code will interact with the OS and underlying hardware, and what assembly a compiler may generate. I would consider learning C for pedagogical purposes to be much more important than C++.