Is it morally wrong?
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Unless you have permission from the copyright owner (as most fonts are only licensed for specific use, and actual ownership is not transfered), it is definitely wrong.

What could be done?
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Not much. The fonts will not be used for commercial purposes. You are a student, and the fonts are to be used in some projects.

Educational Use
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US Copyright law makes a clarification about educational use. I am no lawyer, but this seems to a loophole for you. However, some copyright owners make a notice limiting the use of the fonts, and not permitting the fonts to be used freely for educational purposes.

For example, I never saw this disclaimer or legal limitation on any Adobe font package.

Thomas, what’s Adobe’s position on educational use?

Thank you for your response. What if I use it for a project that is used commercially (for example, a contest that for a local business or a pro-bono project) but it is not a paying job?

I am still very unsure where the line is drawn. I know that the bottom line is to use a font for a school or freelance project, I have to pay for it. But what if I use a school computer to work on a pro-bono project or a contest? Do the same rules still apply?

Thank you.

As to getting into trouble. I’d recommend a bit of household burglary, fencing the goods to pay for fonts. Chances are even if you get caught you’ll be let off with probation. This way no type designers are deprived of income. In all likelihood your neighbors have insurance to cover the items you take.

A related thread - http://typophile.com/node/47079

With respect to that thread I’m interested in what the teachers that encourage piracy say when type designers visit to guest lecture. My guess is that type designers are not invited. That in my opinion is the real crime.

Israel, US copyright law does not give students carte blanche to use any copyrighted work in entirety. Fair-use applies to academic work, but only for works used in part, and I don’t think that the software copyrights that apply to font protection in the USA operate in the same legal area. Anyway, the student “exemption” from following copyright law in academic work is related to copyright holders not wanting to bother suing broke college students for work that has little or no commercial relevance anyway.

In other words, Adobe would go bankrupt suing all the college kids pirating Adobe products without ever collecting a dime.

My guess is that type designers are not invited.

Not all schools have nearby type designers to come in and lecture.

>Not all schools have nearby type designers to come in and lecture.

Not all. But most?

Cheers, Si