Welcome to TalkBass.
+1 for the pics.
IMO the only easy part about Your venture will be the choice of glue, hot hide glue
for every joint.
It can be very rewarding though, but before starting the time consuming and probably somewhat costly repairs, I'd consider making a some kind of a deal with Your school for the compensation.
Other than being able to use (and expected to constantly maintain) it for a year or a two.
Hot hide glue is very forgiving, but if someone has been there before with PVA, PU or epoxy, the hardest part will be to remove all of it
to ensure a good bond.
Since it's an (ab)used school instrument, the chances of it being a valuable piece of history is rather slim, but do make sure that that's the case.
As much as I love fixer-uppers, CCB's and other BSO's, "do no harm" applies IMO here as well as in any other craft.
BTW, it's called a finger
board, calling it fretboard will cause seven kinds of hell over here in the dark side of TB