WeVideo is a collaborative online video editor. The free plan has some great features and it's easy to use. Simply upload your videos and photos, create the storyline, and then edit them online. There are great features and lots of help available. It is also integrated into Google Drive. Since it is collaborative, multiple people can work on a video project together, making it great for student projects.
Today, they have announced Education Plans with discounted pricing. The free account allows for 5GB or 15 minutes of video per month. The Plus version, 60 minutes of video exports and 10GB of storage for only $19.99 instead of $49.99 and the Ultra version with 120 export minutes per month, 1280 x 720 resolution and 20GB of storage for $29.99 per year instead of $99.99 per year. Volume licenses for schools and districts are also available.
If you are looking for a powerful online video editor and creator, check out WeVideo.