So many presumptions.
Most industrialist societies have determined that people have a right to privacy, though it is debatable to what degree privacy extends to minors.[footnote]The Geneva conventions have established that privacy and full internet access are due everyone.[/footnote] In the US, kids usually have no privacy rights from their own parents, yet certain privacy rights when it comes to schools.[footnote] Faculty aren't supposed to be peeking on you in the locker rooms, for one.[/footnote] If your parents are willing to stand up for your privacy rights, the school may be more motivated to budge, since they're primarily depending on your lack of resources to challenge school policies directly in court. If you really want to push it, the EFF and the ACLU might be willing to help.
You have a number of options.
~ Keep anything you don't want tampered with in encrypted files, which enforces privacy. That way, the worst they can do is force them to be deleted, but they cannot force you to crack them open. (Without committing a crime, themselves. If they extort you with punishment or violence, that's usually a serious crime.)
~ Find out what spy software they're using, and disable it, hack it or exploit it. It may even be possible to tap into the laptops of your fellow classmates. If the software is known to create exploitable security holes (most of this kind of software does), they may be required to recall the laptops and registration system. Especially since China (the state government) is always searching for unprotected systems to zombify.
~ If they're spying onto your camera, see if you can intercept it and replace it with a loop of you working in the school library. If not, spend your off hours in front of that camera naked. Once done (assuming you're a minor), they're responsible for trafficking child porn (via WiFi and the internet) just by peeking. Otherwise, see if the software can be disabled or alert you when it is active.
~ If they're monitoring your internet usage at the server end, there's software that allows you to pad your packet throughput with garbage, making it much more difficult to detect what you're actually researching on the web.
~ Scope out internet privacy websites and the resources many offer for free. There are entire movements towards teaching people to protect their systems from prying eyes.
~ If enough of your classmates are similarly pissed about this kind of monitoring, start a movement to pad your systems with disagreeable content. Much like our response to the Internet Decency Act in the nineties was to tack on quotes of sex scenes in classical literature (there's quite a few), if you can convince your classmates to load their laptops up with gray-zone content (Michelangelo's David, Pictures from mass nudity events [http://www.spiegel.de/fotostrecke/fotostrecke-21411-2.html], a digital copy of Huckleberry Finn and so on[footnote]It's actually a good idea to be aware of all the things that others don't want you to see, read or know.[/footnote]).
Note that EULAs are not legally binding in any points are illegal in and of themselves. A school cannot force you to sign away your human rights any more than an employer cannot force you to accept by signature a non-OSHA compliant work environment. Private property within a state or a nation is still subject to the laws of that state and nation.
238U.[footnote]In the event that Escapist requires me to view a commercial before getting a code, I will simply not post. Depending on the frequency, this may temper or cease my future participation in the Escapist community. Apologies in advance, if this policy prevents me from replying to you when it is proper to do so.[/footnote]