How far can "Freedom of Speech" go?

I think that's the issue here, regarding a Buffalo State Blog Headline after Donald Trump's victory.  The headline was displayed as “Make Amerikkka Great Again” with America spelled with "KKK" rather than with a "C"!

Katherine Conway-Turner, Buffalo State President, responded this way:

"Emotions are running high across our country, communities, and college campuses today. As we come off a deeply divisive presidential campaign cycle, I encourage all members of our community to be supportive and understanding of one another. Here at Buffalo State, one of the college’s core values is respect for diversity and individual differences. We must continue to keep these values in mind in the days ahead.

We also recognize that the First Amendment to the U.S. Constitution affords all citizens the right to free speech and protects the freedom of the press, including the content and opinions produced and published by student newspapers. I encourage anyone who wishes to comment on Wednesday’s headline in the Record, Buffalo State’s independent student newspaper, to civilly express his or her right to free speech by sending an e-mail to the editors at”

I believe I found the Article in question with the Title Revised: