I voted for this, too.
I also added the following comment:
I am one who believes that if colors or graphics are going to be used, that for any new course added, there should be a default color (for example, white or gray.) Then, the user should be able to change these to their preferences (for example, green=current, red=old, yellow=upcoming, etc.)
Better yet, for any course, the graphic should be set somewhere in the course configuration area. Why not allow someone to use a graphic that is being used to describe a course? Then these graphics would really become meaningful.