What school are you at? I'd be curious to read the actual policy. Do they claim all schoolwork-related IP, like work you create in response to homework assignments?
I've talked to a few teachers in the CS department and they do seem to hold that the school owns any IP created by me or even teachers.
I'm at NJIT. Honestly, the teachers are all extremely brilliant (especially in your major) because you are usually working with people who actually care about the field.
My school has a clause that it owns all IP that we create, but I don't know how far it extends.
Would they be able to take my creations away from me?