Traditionally these have been stored on school servers in shared areas like «Shared Files», «School Common» or «Common Resources» and also on school learning management systems. (christinehaynes.me)
As to privacy, AUPs should make it clear that computers, or, more properly, their hard drives, are subject to random checks for compliance regardless of whether they are used by students or teachers and whether accessed in school or from home computers linked into school servers. (educationmattersmag.com.au)