Question is, they'll know you're using it, but will they know you are a student or not?
Also, don't do windows updates with IE, download service packs instead, and ensure any type of updates you do are for network installations and not online installers. For IE 6.0 upgrades for example, use IEAK installers. Block any requests to connect to M$ servers while doing installs. That will ensure maximum protection.
Oh and while this is a bit more unsecure (the fact of not running windows updates) you should always be behind a router at all times and use AVs on all PCs in the house.