Okay so I did some research online and found some interesting interpretations:

The color Green in my dream: (the green grass and the green glowing insects):

Green signifies a positive change, good health, growth, fertility, healing, hope, vigor, vitality, peace, and serenity. The appearance of the color may also be a way of telling you to "go ahead". Alternatively, green is a metaphor for a lack of experience in some task.

To "be green" means that you are environmentally conscious. Green is also symbolic of your strive to gain recognition and establish your independence. Money, wealth and jealousy are often associated with this color.

the crumbling school buildings:

Decayed dirty or crumbling buildings indicate that your self-image has suffered. To see a building in ruins or damaged, indicates that your approach toward a situation or relationship is all wrong. You need to change. Your own self-image may have suffered and taken some blow.To see a building in your dream, represents the self and the body. How high you are in the building indicates a rising level of understanding or awareness. If you are in the lower levels of the building, then it refers to more primal attitudes and/or sexuality.

the murky water in my dream:

To see water in your dream symbolizes your subconscious and your emotional state of mind. Water is the living essence of the psyche and the flow of life energy. It is also symbolic of spirituality, knowledge, healing and refreshment. To see muddy or dirty water in your dream indicates that you are wallowing in your negative emotions. You may need to take some time to cleanse your mind and find internal peace. Alternatively, the dream suggests that your thinking/judgment is unclear and clouded. If you are immersed in muddy water, then it indicates that you are in over your head in a situation and are overwhelmed by your emotions. To dream that water is rising up in your house suggests that you are becoming overwhelmed by your emotions

the children or students in my dream:

To save a child in your dream signifies your attempts to save a part of yourself from being destroyed. If you dream that you are separated from your children, then it symbolizes failure in some personal endeavor or a setback in some ideal you had.

Still I'd like to hear from other people what you think. Obviously this dream is tied to my recent failure in my masters program.