I'm from Indiana and just recently graduated from a university with the same policy. I still carried a gun on campus every day. It's not illegal, they can kick you out of school (or in your case fire you) if you get caught. However, if you keep your gun concealed at all times and don't ever tell anyone you are carrying there is nothing the school can do about it.
"It's not the bullet with my name on it that worries me. It's the one that says "To whom it may concern."