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That is not exactly how the ESRI activation and license borrowing works--there is no derivative activation or license pool transfers. All activations pass through ESRIs FlexNet License servers. But, there are several ways to do what you need.
The simplest would be to have one of your schools ESRI GIS analysts or your Primary Contact log into the Customer Service Portal and create a .prvs authorization file for a single seat of ArcGIS 10 Concurrent use, or a .prvc for a single seat of ArcGIS Single Use. The PRVS/PRVC authorization file (composed of your schools registration numbers for each licensed component--EFL & ESU) is then distributed as needed. One of the files would be used during authorization of your install on your work at home PC. Chances are someone at school has already created them and you just need to ask the right person to obtain either file. You could also just use a listing of your schools EFL or ESU codes but would have to manually enter each of them when running the authorization wizard--the PRVS/PRVC just consolidates them.
If you went with the Concurrent seat, you'd first have to install the ArcGIS 10 License Manager (e.g. FlexNet Publisher)on your PC at home. The PRVS file would then be used to activate the license pool via a FlexNet Publisher exchange with ESRI FlexNet license servers, then you'd install ArcGIS 10 and use the localhost for your floating license.
Whereas if you choose the Single Use seat, you'd install ArcGIS 10, and use the PRVC file to activate the seat, again via FlexNet Publisher exchange with ESRI.
The "exchanges" with ESRI are via TSL/SSL HTTP on port 443. Nothing exotic. Each authorization code sent is validated and if accepted an entitlement token is returned to your system. True for either the EFL or ESU codes--and once activated there is no more contact needed with ESRI.
On the other hand, to "Borrow" a license, you will initially need network connectivity to a license pool at your school. This can be via VPN, or you would have to bring your PC to campus and connect.
The ArcGIS installation is then just like any other installation. You complete the activation/authorization--but just by pointing to the license pool--there is no exchange with ESRI.
Only when that is done and the installation complete, you would use the ArcGIS Adminsitrator Desktop --> Borrow/Return and checkout the components you need. The license pool gets decremented for each component you choose to borrow, and will remain decremented until you return the license or the period expires.
The PC can then be removed from the network and taken home, and you'll have license to use until the end of the borrow period (30 days by default). So, you can see that borrowing is really a bit of a hassle. Frankly, the single use or concurrent use w/License Manager install are much simpler since they would normally remain valid until your annual license renewal date. At which point you'd use a new set of PRVC/PRVS or EFL/ESU codes to renew the license.
Note: the administrator of the license server pool or whomever generates the PRVC/PRVS can specify the length of the borrow or the expiration date of the authorization files. And, that license borrowing can be completely disabled on the license servers. When the borrow expires, or the authorization expires, ArcGIS will stop functioning.
Borrowing is probably not going to be what you want to try to work with.
Thank you that clarifies that a bit more. We are using the concurrent licensing. I will play a bit and see if I can get this to do what i need. Thank you for your time and thorough answer.
Not that I am aware of. In this case you would need to activate/authorize a Single Use seat, or a Concurrent use seat for a license manager, using an offline response file generated via an email exchange.
At the end of installation, look for the "Authorize at ESRI�??s Website or by email to receive your authorization file" when running the Authorization Wizard.
While you can transfer a license from one license manager to another across a local network, and you can borrow when the license manager has a network connection to the client, you can not borrow from a local license pool without a network.
See the License Manager help http://resources.arcgis.com/en/help/install-guides/license-manager/10.1/#/License_Manager_installation_and_startup/007900000005000000/ or the Desktop Installation guide http://resources.arcgis.com/en/help/install-guides/arcgis-desktop/10.1/#/Authorizing_your_Software/00870000005v000000/ for details on either option.