Due to the carcinogenic and reproductive hazards, it's not surprising that high school students aren't allowed to come into contact with it. There are alternatives, but not necessarily safe ones, all pretty much have some type of health hazard. Ethyl alcohol/polyethylene glycol and phenooxyethanol can be used, there are some other "aldehydes", but I would think they have the same as formalin.
Hope this helps.

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