How much would it cost to do an air-launched Apollo 11 equivalent?
(This is pure guessing)
A lot?
Even with air launch, you're still going to need a booster big enough to get you
a) into orbit
b) to the Moon
c) brake into Moon orbit
d) launch from Moon orbit
And of course, it has to carry some analogue of the Apollo capsule, the Service module, and the Lunar Landing module.
Air-launch isn't going to help that much. It soes get you above the really thick, bottom part of the atmosphere, but doesn't gain much forward speed (in space terms).
Basically, you're talking about a plane which would make a Jumbo look like a Cessna. Air-launching just isn't going to help that much.
Sea-launching, on the other hand...
the Sea Dragon:
Why yes, that little speck at the nose
is an Apollo capsule, to scale, since you ask...
Sea Dragon would probably be more feasible for a university to fund (although not build themselves - a shipyard could do that), since it's a much lower-cost concept than the Saturn V (much less fine tolerances needed, 2-stage to orbit). It also has a much higher payload (550 metric tons to LEO, as opposed to about 120 max. for the Saturn V), so the payload to the Moon can be higher too, and again, much lower tolerances and less high-tech materials could be used for that payload. This should all reduce the cost of a moon programme considerably.
Hell, you could probably put together a big, chunky single-stage moon landing/command vehicle, rather than having to separate the moon lander and the command module. That was only done OTL due to weight considerations.