It makes more sense to me if someone says
"I study Physics in XYZ University." than
"I learn Physics in XYZ University."
Look at one more example.
"I have learnt how to calculate 1+1 today in school."
"I have studied how to calculate 1+1 today in school."
The first one seems to tell people one has successfully obtained a certain skill, which the second does not tell.
I would say "learn" refers to gaining a certain new skill in mind while "study" refers to a relatively longer process for understanding something. If I were to prepare a coming examination in my room, I would choose "study" because I assume I have learnt everything I need in that semester.