Take it back to the school and get them to contact the person who put the password on. If you are now the legally registered owner, contact acer and see if you can send it to them to reset.
Otherwise it's a no-no to ask for password help here.
I mean, I am the legal owner if the school gave it to us with box and everything. Its been almost 3 years that ive had this computer and I barely noticed the bios had a password here. I mean I called Acer but they said they would charge me up to $200 just to reset it for me? Wow that is just nonsense. I just need some help on how to reset it or remove it.