All right, so I decided to look into the land options that Linden Lab provides for educational purposes. Unfortunately they only offer specials for institutions and organizations that purchase private island, which is not what we need.
Let's deal with real estate in world. We can either buy or rent without owning a Premium Account. Based on previously established criteria, our best bet is to rent a plot of land in private new regions (not mainland) running on Class 5 servers. Class 5 sims have better LSL (Linden Scripting Language) performance. In addition to the new Simulator Havok 4, it should be an exciting news.
2048 m2 (468 prims) - 4096 m2 (937 prims)
Options:
Campus Land "Scholarship" gives 1 acre of land (4096 sqm, 937 prims) free for the duration of the class
Kahakai 4096 sqm for rent L$7500 ($28)/mo (all occupied now)
GavenRezDistrict medium parcel 2048 sqm (702 prims) for rent 5000L/mo (no edit terrain)
Lukanida Alt-Zoom Theater and Sandbox dedicated for machinima purposes (BuhBuhCuh Fairchild a.k.a. Ben Linden & Alt-Zoom Studios) (no terraform, trees & grass)
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