Varsity Jackets (I've always heard them called "Letter jackets" or "Letterman Jackets" where I'm from) are awesome. They're great for wearing in cold weather since they're very warm and comfy. That being said, you don't have to wear one from your school...my mom has one from Michigan state that she got in a garage sale (never even been to michigan).
It's kinda hard to find them with hoods, since it's not a standard design, and when they do, they usually are zippered hoods (ones with a zipper running halfway through them) so that they can lay flat on the back when unzipped. Keep in mind though, letter jackets can get very expensive. I was looking for one online (wanted one that looked like Soul Eater's) and custom ones can be around $150+ -_-
Try searching thrift shops for nice ones that are inexpensive.
Baa baa black sheep have you any booze? No sir, no sir, I'm a....sheep~