pronouns - Is using "he" for a gender-neutral third-person correct?

I know there are different opinions on this issue. My question: Is using "he" for a general, gender-neutral third person still in common use for formal writing? By common use I mean, can I expect my paper not to be penalised because I use "he" as pronoun for "a student", etc.?

I think "he/she" is too clumsy and I am not comfortable with singular they.