@ccampion
There is not without making use of iBeacon regions.
If you're using iBeacons, it's possible to restrict by the range of the iBeacon so, once a student goes home with the device, the device will be out of the beacon range and thus out of the restriction and, when they return to school, they'll be in the beacon range and the restriction will reapply.
More information can be found in this feature request and in the Jamf Pro Administrator's Guide section on iBeacon Regions. There are certain requirements for iBeacons to work for mobile devices so, if you've not set up iBeacons before, it's worth reading through that section in the guide so you know what all you'll need to get set up.
If you have further questions, please contact Support either by giving us a call, sending an e-mail to support@jamf.com, or by using the My Support section of Jamf Nation.
Thanks!
Were Wulff
Jamf Customer Experience
