Assuming the web server has a web service running on port 54242, the following command forwards traffic from the remote server's port 54242 to the local port 55000.
sh -L 55000:localhost:54242 user@42.124.12.21
While more complex setups involving firewalls or VPNs are available, for straightforward scenarios like exposing a service accessible only at home to the university, this method should suffice.