What is the licensing for this code?
1. There is no license, so it's proprietary code.
2. It's a student project, you shouldn't use it for anything.
I'm a graduate, should you use it if I write it?
I don't think there's any reason not to experiment with this any more than similar ShowHN hobby work from anyone else. i.e. follow its progress, maybe toy with it in your own hobby thing.
And honestly, I knew more about how to write a TCP/IP stack when I was a student than now. If I could do a better job now it would only be from some experience writing other code to RFC spec.