Tinos, what I use, is the modern version of Liberation Serif and can be
obtained from https://code.google.com/p/noto/wiki/FontList
When I was in college a few years ago, I remember them being strict with the
12 pt Times New Roman font. Many times they would want you to email it to
them which would expose you if you used an alternative font and "broke" their
style rules. Of course at the time I was using Windows and having the font on
the system wasn't a big deal.
Ideally, the professors would take the papers in PDF format which would embed
the font if the PDF/A-1 standard was followed. The problem is that a
professor uses Office on their Windows or Mac and would sometimes add
comments to the .doc/.docx file.
In a way I can understand why they would want a uniform font because having
to read multiple papers in a row with varied fonts and sizes can annoy them.
It's a shame that it has to be Times New Roman.