Same at my college. I've gotten in trouble for having "weapons", i.e. my leatherman wave and a liner lock folder. My idiotic dorm staff could not comprehend why anyone would need a knife if they have a pair scissors(yes, some people are that stupid).
Nevertheless most students can carry a knife without problems if they live off campus, or if they are discrete around the PHRASECENSOREDPOSTERSHOULDKNOWBETTER.. However I don't think I would try using a folding knife against a gunman, I wouldn't trust the lock. I think you'd be better off trying to wrestle the gun out of his hands, or squeeze the trigger at a wall until the clip is empty, and then trying to incapacitate him before he can reload.

I'd rather risk a possible gunshot than an almost certain fall with a single layer of paracord. If it was the second or third story, and there was either something I could climb down or something soft below, then I'd probably go that route.