You need to consider the cost benefit ratio for restriction their activities. It may be cheaper to ignore the issue. See below on how to restrict. At a minimum, you will want to set up the activation lock.
The problem arises when someone sets the activation lock which is set by logging onto your apple id then setting the appropriate option. DEP is the preferred preventative. It established your organization as the owner. The student cannot set an activation log.
How password and activation lock work:
http://support.apple.com/en-us/HT1212
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How to go about restricting iPad activities.
You need to in-role the iPad in the DEP program. This makes your company the owner of the ipad. It locks the ipad to an mdm of your choosing. You control the ipad through the mdm.
You may want to consider an all-in-one app. These are designed for business security. The ipad user does all the business functions in the business app. You could lock the ipad to just the business app.
The Good Collaboration Suite includes Good for Enterprise, Good Share and Good Connect secure mobile apps, simplifying access to email, calendar, contacts, tasks, instant messaging, browsing and document sharing. These apps are built using Good’s next-gen containerization that includes secure data sharing between any Good secured app as well as app-level encryption independent of the device used."
http://www1.good.com/applications/
"This document offers guidance on some important considerations for getting the most out of your iOS deployment." Covers: Prepare your infrastructure. Set up devices. Configure and manage devices. Deploy apps and content. Plan for support.
https://www.apple.com/ipad/business/docs/iOS_Enterprise_Deployment_Overview_EN_F eb14.pdf
Quick overview of zero-touch MDM enrollment, DEP
http://www.apple.com/education/it/dep/
Consider DEP, Device Enrollment Program. Use VPP, Volume Purchase Program. Select an MDM, Mobile Device Management.
IT Resources -- ios & OS X -- This is a fantastic web page. I like the education site over the business site.
View documentation, video tutorials, and web pages to help IT professionals develop and deploy education solutions.
Education
http://www.apple.com/education/ipad/resources/
scroll down after all the pretty picture. Click on the words "For It".
business site is:
http://www.apple.com/lae/ipad/business/#browse-it-resources
If necessary, scroll down until you see the Browse IT Resources button. Click on button.
MDM -- Mobile Device Management
For a comparison see this page:
http://www.enterpriseios.com/wiki/Comparison_MDM_Providers
VPP -- Volume Purchase Program
http://www.apple.com/education/it/vpp/