It sounds like from the discussions on SI Infinity and talking people in the student lounge, the school does NOT automatically own we as students create, especially if it's something thats created for a class. (Though I'm still not sure who to ask to be for sure) Where we might run into fuzziness is if it was a part of a research grant, which it kind of is... And as Wesley pointed out, our code is already up in GitHub, which automatically makes it a creative commons license. The data ownership is another matter, though I don't know how much we care about that.
Basically, the CDO ain't getting shit if we don't want them to. So it's up to us.