Misconception #1
Since I am submitting my project as part of a class assignment, all the materials I use fall under fair use, and do not need copyright permission to be used.
If you are using copyrighted materials for a class-related assignment (e.g. powerpoint, video, essay) that stays within the confines of your classroom, and the assignment is not shared beyond your professor and fellow students, then yes, it is considered fair use.
However, if you post that assignment on the open web, that makes the material public, and your use is no longer fair use. However, if your use is transformative and limited to only the material you need to make your point, than that would still fall under fair use. For other uses, you can consider materials that are free to use, such as those with Creative Commons licenses or in the public domain.
Misconception #2
I am not making any money from my ______ (fill in the blank with ppt, video, essay, etc) so all the materials I use fall under fair use, and I do not need to obtain permission for their use.
Even if you are not earning money for your work, if your work is made public, you still need to obtain permission to use copyrighted materials. Your use may fall under fair use if it is transformative and limited to only the material you need to make your point. For other uses, you can consider materials that are free to use, such as those with Creative Commons licenses or in the public domain.