"Because copyrights are governed by federal law, there is only one statute of limitations for copyright claims. Copyright infringement claims are rights of the copyright owner of the photograph and have a three-year statute of limitations from the date of the infringement. See 17 USC 507(b). Some courts start counting the three years when you had a reasonable chance to discover the infringement."
The subjects of the photos wouldn't have a copyright claim on the photos, as they did not take them (the university did, and would own the copyright). I'm sure there's other laws at play though, such as personality rights.
My rule of thumb when I wonder that sort of question is 7 years. Nearly all statute of limitations fall at or below that point. By which I would then conclude, no chance could they still be prosecuted.
There are certain violations that will be exempted from the statute of limitations, but a moderate scandal/invasion of privacy isn't going to qualify. Wikipedia lists fraud against the court, international crimes, and heinous crimes, e.g. heinous violence
What's the statute of limitations on something like this? I'm guessing since this occurred so long ago, nothing can be done.