Considering that a 29 really doesn't have THAT much of a larger footprint, would that be a more suitable size?
If the teacher is short on funding, suggest Craigslist or freecycle... it is amazing the prices on larger tanks that you see sometimes.
Common goldfish can grow VERY fast in optimal conditions... my daughter got a 1-1 1/2" feeder goldfish to eat the snails in her 29 gallon... in 5 months, it grew to about 5". We put it in my water garden this spring, and it is now probably 7-8" (maybe larger) .... and it has been just over a year since she got the fish!