Liland, I just picked up a copy of the Abridged Academy Song-Book, published by Ginn in 1898 (it cost me two bucks). It has the same verses MMario posted, but in the middle it has this as the third verse:

No flow'ry chaplet would we twine
To wither and decay;
The gems that sparkle in her crown
Shall never pass away.

Note how the chorus goes in this book:

Shall never pass away, my boys.
Hurrah! Hurrah! Hurrah!
Her sons will give, while they shall live,
Three cheers for old Nassau.

First two choruses begin with "In praise of old Nassau, my boys. Three is "Shall Never Pass Away"; four "In praise of old Nassau" again, and five "Long Life to old Nassau."
Apparently, the first line of each chorus is the last line of each verse.
Sorry, the book does not have Vassar songs.
-Joe Offer-