FNV-1 is rumoured to be a good hash function for strings.
For long strings (longer than, say, about 200 characters), you can get good performance out of the MD4 hash function. As a cryptographic function, it was broken about 15 years ago, but for non cryptographic purposes, it is still very good, and surprisingly fast. In the context of Java, you would have to convert the 16-bit char
values into 32-bit words, e.g. by grouping such values into pairs. A fast implementation of MD4 in Java can be found in sphlib. Probably overkill in the context of a classroom assignment, but otherwise worth a try.