Videomaker – Learn video production and editing, camera reviews › Forums › General › Open Forum › What is out there? › There are numerous
There are numerous inexpensive video editing packages out there.
Folks on here will have other suggestions but my personal favourite is Sony Vegas Movie Studio 11 and it's only $50.00 which is very affordable for a school.
You can download a trial version at http://www.sonycreativesoftware.com/moviestudio to see what you think of it.