Whilst a CrowdRaiser page is "doing good" by fundraising for the community, it is still a public page, online available for all in the world to see.
Therefore it is vitally important that the school considers any regulatory requirements that may exist for your student group, as well as the advice from the Australian eSafety Commissioner.
Safety can be achieved, with thoughtful consideration made at the beginning of the campaign. See the following summary of advice provided:
It is important to note that safety can be achieved with children.
Indeed, creating a CrowdRaiser is a learning opportunity, to engage students as to how to safely present themselves online.
Furthermore, consideration of who has control of the page means that all boundaries can be well managed appropriately.