Peter, this really depend on the workflow you use, DSLR or tape.
Being a freelance editor using FCPX, this is my personal workflow. If I'm asked to edit in-house, then I carry 2x WD My Passport FW 800 drives, which for me work flawless providing I optimise the media on import.
If for arguments sake your student can't afford external FW800 drives, and want to use a USB2 instead, they can, but they'll need to transcode and edit proxy's.
This is my DSLR Workflow:
As we know first thing is first, have them transfer their SD cards to a dedicated backup HD.
With 2x external HDD's connected, open FCPX
In your Event Library, select drive 2 and create a new Event
Then choose File/Import/Files or shortcut is Shift+Command+I
Navigate to drive 1, select your rushes and before importing, select create optimized media if using FW800 drives, or create proxy media if using a USB2 drive.
While the transcoding is being processed, the students can begin sorting their rushes in keyword collections, and skimming/trimming material
Choosing to optimise your media does two things. First it allows for easier editing, and two FCPX transcodes these files in the Event which they'll be working in. This means if they then eject that HDD and take that home to edit, all they need to do is re-connect, open FCPX and begin editing. Do keep in mind that transcoding NEEDS TO BE FINISHED before they can eject their drive. Another thing to remember, make sure projects are being created on drive 2 and not drive 1.
I do this daily and have never experienced hiccups. Again I can;t stress how important ant it is that media is optimised before editing, and creating events/projects are done on the drive they'll need portable.
If on the other hand their shooting tape, then the approach is a tad different.
First open FCPX and create a new Event
Click on the camera tab, and begin capturing your tapes.
This will capture directly to your event, which should be the portable HDD they'll be taking to and from university.
Tape workflow I found is a tad easier as you don't have to worry about transcoding, importing and so on. But regardless of your workflow, FCPX is very capable in handling what FCS offered and more IMHO.
Hope that helps...