The risk is that since you are offered free education for your wards a lot is expected from you.
You really can't trust any of your colleagues. Since everyone wants to be in good books with the Management, staff over there keeps reporting about each other.
If found at fault, the Management can remove you from service without notice. Since you reside on campus if such situation arises, moving out with family becomes difficult.
You are 24*7 on job.