Complex sentence: It is one of the few American conservatories to be completely attached to a liberal arts college (Oberlin College, allowing students the opportunity to seriously pursue degrees in both music and a traditional liberal arts subject via the five year Double-Degree program).
Split into simpler sentences: It is one of the few American conservatories to be completely attached to a liberal arts college. One advantage that this offers students is the opportunity to seriously pursue degrees in both music and a traditional liberal arts subject (through Oberlin College via the five year Double-Degree program).