There is a festival showing student-made films only. You can enter your film for free, click the link below and the deadline is on 15th December.
I managed to contact the festival, asking about the copyright on both music and media footage and they say:
'Unfortunately yes, we do require copyright for music used. We find a lot of our film submissions include music by the director or someone they know who works with music, so you could potentially do this as an alternative'.
If you do have a copyrighted material in your film, you can't put your film unless you have to get permission from the owners of the copyrighted material or you'll end up by pay a lot of money when the owners would sue you if it is shown in festival or the festival won't accept your film without the owner's permission.