Things haven't changed a lot since high school
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This is covered in many good books. Henry Horenstein's "Black & White Photography - A Basic Manual" comes to mind. As do many more advanced tomes, like Ralph Lambrecht and Chris Woodhouse's "Way Beyond Monochrome"
Here is a useful internet reference from APUG member ROL:
http://www.rangeoflightphotography.com/pages/making-a-fine-art-print
Ralph Lambrecht (and others) recommend that if you can you should move the paper instead of the cover, because that results in test segments that include the same area each time.
As for choice of exposure, I'd differ slightly with your teacher. You should choose the exposure that gives you the mid-tones you like and, hopefully the detail you want in the whites. You then adjust the contrast to achieve the blacks you want. If necessary, you can burn in the highlights to add detail.
And as for the progression of times, I prefer the following: 6, 8, 11, 16, 22, 32 (all in seconds)
If you are progressively uncovering more and more of the image, use this: 6, +2 more, +3 more, +5 more, +6 more, +10 more (all in seconds)
Have fun