I am planning to make an ftp server for few days for college work. I am going to use Filezilla Server and users with passwords, so thats not the problem.
Are there any other risks involved. ?
Any open port is a security risk!
But since you need to run a server you will have to open a port. There's no workaround.
A possible solution will be to run a small Linux distribution (SliTaz) in a Virtual system VirtualBox, and let your users connect to it, so if someone wishes to exploit the system, they'll exploit the Linux system and not your actual workstation.
Once you're done with the Server you can just ditch the server! ;)
Any open port is a security risk, but you if you need an ftp server you need to have an open port. Making sure that you don't enable anonymous ftp access is certainly a start.
One other thing you could do is to change the port you open. It's security by obscurity which isn't always a good idea, but would protect you from casual inspection.
Like everyone here suggests opening a port is necessary.
So, think about running the server from a different port (as long as your network admin can permit it; that is if its someone else besides you). You can share the port information with others who need to access the server (this is presuming you don't plan to publish the service to the Internet in general, in which case you can host at port 21/tcp).
Another Windows reference for secure servers (I presume you are running a Windows machine).