Ramsey wanted to play at Northwestern coming out of Elder High School in Cincinnati, but did not receive an offer. Given a chance to transfer as a graduate student for the 2020 season, he chose to head to Evanston despite being the eighth passer on the Wildcats' roster. The move paid off with third-team All-Big Ten accolades (172-282-61.0, 1,733 yards, 12 TDs, eight INTs passing; 84-247-2.9, three TDs rushing) and an appearance in the Big Ten Championship Game. Ramsey had relocated to Northwestern from Indiana, where he had lost the starting battle to Michael Penix Jr. in 2019. He still started seven of 11 games played that year (204-300-68.0, 2,454 yards, 13 TDs, five INTs passing; 97-252-2.6, seven TDs rushing), though, because Penix was injured. Ramsey started all 12 contests in 2018 (295-447-66.0, 2,875 yards, 19 TDs, 13 INTs; 111-354-3.2, five TDs rushing), and started four of nine games played in 2017 (134-205-65.4, 1,252 yards, 10 TDs, five INTs; 92-226-2.5, two TDs rushing). In 2016, Ramsey began his career with the Hoosiers by redshirting and earning Scout Team Player of the Year honors. Ramsey is named after Peyton Manning. His brother, Montana, is named after Joe Montana. Another brother, Drew, is named after Drew Bledsoe.