Well . . . it depends. Sorry, I cannot help it, it's like ringing the bell.
Ok, let's wargame it out:
1. If you are prohibited person (felon, domestic batterer, substance abuser, etc.), yes you are breaking the law.
2. If the "firearm" stolen, yes you are breaking the law.
3. If the firearm is an untaxed Title II weapon, yes you are breaking the law.
4. Assuming arguendo that the firearm is NOT stolen, or untaxed Title II and you are not a prohibited person, then, no, you are not breaking the law.
5. If the firearm is a handgun and you do not have a LTCH, then yes you are breaking the law.
6. If you have a LTCH, and the firearm is a handgun, then you are not breaking the law.
The confusion lies in the use of the word "school". In Indiana schools are K-12, not junior colleges, trade schools, colleges and universities. People, in the day to day living as normal, decent human beings, use "school" broadly to include Purdue or IU.
That's the level of detail that my clients refer to "excessive", right before offering to pay me 65-70% of the invoiced amount.