First we had bread ...

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IMO, it ain't art.  

Let him hang up his own dirty shit stained or cum stained underwear.  
Or use artificial or non-human blood as a stain on some store bought panties to make his statement.  

What is his alleged statement? People bleed? Underwear shouldn't be kept under-what-we-wear?  

Does he want to create an image using those panties (a portrait of Abraham Lincoln?) to show how incongruous elements are related? Use fake bloody panties.  

This guy wants girls' stained panties and signed up for an art course to justify and facilitate his fetish.  

Art can be controversial (Mapplethorpe, Serrano, ...). I don't see this approaching the level of art

I just knew the irony wouldn't be lost on all the readers ... thank you.

...search this thing called period blood pancakes, its actually a thing and for some reason its feminism.