I do.
I also have school during the jam week, physical as well. However, I participated in the BTP Game Jam #3 a couple weeks ago - it was a blast - so I'm craving game-dev right now! That's why I'm not gonna let som schooling stop me. I'll aim small, smaller than usual, and I'm thinking of forming a team so that I don't have to spend lots of time on the non-programming-related bits.
I have it too, and it's IRL :(. My way to participate in the game jam will be: When I wake up, after having breakfast, I spend all the time I have in the game. Then, after coming back from school, I make my homework ASAP, then work as much as I can in the game. Repeat each day until I finish the game, or the jam finishes, watever happens first.
Hope this works for someone else too!