I don't have much knowledge about cyber security, is it really possible that the school's network will be compromised due to students mining activities using the schools internet connection?
Nope. Mining does not compromise local networks in any way. It doesn't typically use up much bandwidth either.
Will there be any legal charges if the students will get caught?
Only if the school loses a significant amount. Lawsuits take up a lot of money and resources, so I imagine they'll only go that route if you've racked up an electricity bill massive enough that a lawsuit could potentially be profitable for them. You could still be penalized in other ways though.
Share me your thoughts.
It's definitely tempting because it's essentially a promise of easy profits. Some universities even run their computer lab equipment 24/7 with proper air conditioning and all that. I would personally avoid it though, because school resources are not meant for that. Not worth the chance of getting kicked out (which is one of the lightest penalties you may receive) in my opinion. It gives crypto and its users a bad name too.