U of C police said the students were walking on the sidewalk near the Campus North Residence Hall, in the 1100-block of 55th Street, about 12:40 a.m., when three suspects jumped out of a passing black sports car.
They were holding guns, and demanded the students' belongings before driving east on 55th Street, police said.
The students were not hurt.
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Police did not immediately provide any further description of the suspects.
The University of Chicago Police Department is investigating the incident.
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