My approach to School Albums is to keep it simple. I do about 2 pages (4 sides) per school year and include:
my favorite photos
a handwriting sample (preferably how they write their name)
and important stuff like their favorite subject, school and teacher name, and favorite friends
I chose this 12x12 Max Album for the Prince's School Album. It has giant sleeves inside.
I add photos and memorabilia to a 12x12 piece of scrapbook paper, then I just slide the whole page into one of the page sleeves.
Yes, it's hard at first when I have more pictures than will fit, but after some serious weeding of photos, I only select my favorites. This way it's more of an overview, highlights, of each school year. And it also ensures that I can fit Preschool through 5th grade all into one album.
If you are sitting on mounds of memorabilia and piles of school photos and you think my method won't work because it doesn't include EVERYTHING....just ask yourself, "Would you rather be Classic and Complete or Fancy and Far Behind?" If you would rather have completed albums, then maybe this method will work for you.
What do I do with all the stuff too good to toss but too much for the scrapbook? I put it in a file box -- one for each kid. For the future bon fire we will have at their graduation most likely...but you never know. We may just be glad we saved those macaroni necklaces and illustrated charts of the human brain.