Protesting doesn't always work. It's not a novel concept. Doing things to break the law aren't going to get them what they want in this case either. You're not always going to get what you want, no matter how you try and get it.
The reality of the situation is that UK's budget deficit in 2010 was almost 12% of GDP. Of course some things are going to get cut. I'm not sure why the students are so surprised. Budgets across the board in the UK are getting slashed. They can be pissed off all they want and protest to express their feelings, but it doesn't change the reality of the situation. I'm not saying it doesn't suck, just that going out and breaking the law doesn't make anything better. It's a knee-jerk response that helps no one.