1) a) Legally, no it's not okay to install the software on your computer regardless if the person you're borrowing from says it's okay or not. It would be easy to get away with as they don't really check for it. The only problem could involve entering an activation code online. 2K did this with Bioshock and made it a nightmare to install the game on more than one computer.
b) It still wouldn't be okay even if the program was uninstalled afterwards. The license was broken when a different person used the software, and uninstalling it doesn't change that fact.
c) If it was copied onto a cd from the school it would be just as bad, if not worse. One, you don't have permission from the owner of the software, and two, it's exactly the same as installing the cd your friend gave you.
Personally I don't see any problem in this if the student was faced with these circumstances. If the user is willing to let someone else install and use it on another computer then that should be enough.
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