Video editing has to one of the most requested open source tools - without a decent response for the home or professional user. There are some like Jahshaka/cineFX but the interface is hard to get your head around and blender is really a 3D program not a video editor.
The big news it that one of the big ones Lightworks is going to be released as open source (free).
Lightworks is used by the heavy hitters in the industry and was used in movies and TV shows such as Kalifornia, Braveheart, Batman Forever, Con Air, Good Will Hunting, The Horse Whisperer, Brookside, Cracker, Bringing Out the Dead, Home & Away, Kavanagh QC, Mission Impossible, Jerry Maguire...
The feature I really like is Multicam management that helps you sync up 2 or more cameras covering the same action. With the price of video cameras coming down to such low levels it's very easy to have 2 or more cameras covering the action from different angles.
So an industry standard program is going to be free - great for all aspiring videographers and movie makers in your school.