William Saunders, aged 24, was acquitted by a jury at Shrewsbury Crown Court of one charge of rape and one charge of attempted rape against the same woman in 2018.
The jury returned not guilty verdicts on Friday.
The incident was alleged to have happened when Saunders was attending the university near Newport.
Saunders, of Derrydown Road in Birmingham, had always denied all the charges.
He had told the court the woman, who cannot be named for legal reasons, gave no indication she was not consenting until she screamed for her housemate.
Debra White, defending, had told the court Saunders had no previous convictions, warnings or reprimands.