That is a trick that a lot of college students use to cover up any holes before they check out of their dorm room for the year. Steph's sister lived in freshman housing her first year and before she checked out, we used some toothpaste to cover up a hole that was there before she even moved in. Even though we noted the hole during her inspection when checking in, we were worried that they would charge her with that hole. The toothpaste must be the white paste type toothpaste and it dries quickly. It is the best substitute for spackle around.
It is a shame that there is such a restriction for the decorations and we are searching now for a huge bulletin board/dry erase board. My suggestion to some of you is to online to find some - most stores like
Walmart and Target will carry some sizes but usually the larger office type sizes are only available online. The good thing about Walmart is that often they have 97 cent shipping or free site-to-store shipping where you can just go to the store and pick it up.