def censor(text, word):
    text_backup = ""
    text_i = 0
    word_len = len(word)
    text_len = len(text)
    while(True):
        text_to = text_i + word_len
        if text_i < text_len:
            if text_to <= text_len:
                if text[text_i:text_to] == word:
                    text_i += word_len
                    for i in range(0, word_len):
                        text_backup += "*"
                else:
                    text_backup += text[text_i]
                    text_i += 1
            else:
                text_backup += text[text_i]
                text_i += 1
        else:
            break
    return text_backup

print censor("hey hey hey","hey")            

 and the other (from Petr Chmelař)

def censor(text, word):
    index = 0
    while index >= 0:
        index = text.find(word)
        if index >= 0:
            for i in range(index,index+len(word)):
                text = text[:i] + '*' + text[i+1:]
    return text

print censor("hey hey hey","hey")