Dominique,
You may be able to add your local machine account to the same group as each student.
For example:
Your account is called "The Admin". The shortname is "theadmin". The group is "theadmin" You (the owner) have, by default, read, write, and execute permissions to files within your user folder - /Users/theadmin.
The students account could be called "The Student". The shortname is "thestudent". The group is "thestudent". They (the owners) have, by default, read, write, and execute permissions to files within their user folder - /Users/thestudent.
You can both see into each others home folder and Public folders, but cannot dig any deeper due to file permissions.
Allowing file owners
and group members the same permissions to items in their home folders is possible. You need to do some command line work.
Login as your admin account and open the terminal. At the prompt type:
sudo chmod -R 750 /Users/thestudent/Documents
Then hit enter. When it asks you for your password, type it in and hit enter. You have just given read and execute permissions to anyone in the "thestudent" group for the Documents folder in the students home folder. Now you need to add your account to the "thestudent" group.
At the command prompt, now type in:
sudo niutil -appendprop . /groups/thestudent users theadmin
Then hit enter. If you are prompted for your password again, type it in and hit enter.
At the command prompt, type:
sudo niutil -resync .
Then hit enter.
Quit the Terminal.
Reboot (for good measure).
You have just made your account a member of the same group as the student. Since that group has access to read and execute items in the Documents folder of their account, you can browse to it freely.
This information may prove useful to you, but if you are not comfortable with the command line or file permissions, do not attempt it. The login names, user names and group names I used in my examples were for demonstrative purposes only and those commands should not be copied and pasted verbatim into anyone's Terminal.app.