First of all before you take any of my advice, your best option would be to see a trainer at your school if you can, or try to get in with a pt if its really bugging you.
It sounds like you most likely have runners knee, but it could also be runners knee in combination with itbs, as both are caused by overuse with tightness and weaknesses in the same muscles. Again I recomeend seeing someone to rule out ligaments or tendonitis. Also seeing someone may provide insight to your biomechanics.
runners knee usually presents on the medial side but not always. I have it pretty bad in my left knee and the worst pain is on the bottom of my knee cap on the lateral side. This point is actually pretty close(within a 1/4') to where you could be expieriencing pain from your it band.
To see if you have itbs you could try pressing on the head of your tibia and bending your knee to see if this causes any pain. This test is not always conclusive though, which is another reason why i recommend seeing someone.
In the end there probably isnt that great of need to try and distinguish between runners knee and itbs, at least when it comes to rehabing yourself, because the rehab YOU would perform in both cases are very similar. However knowing which one it is may affect the way you approach your return to or continuation of running. There are plenty of resources online to find excercises and stretches to rehab itbs and runners knee. It is an easy google search.