I use the 1" /3 ring binder with the clear plastic pocket on the cover. They
cost a little over a dollar (try a dollar store) in September. My first
project of the year is to have them design a cover for it using collage from
magazines, frottage and drawing .The theme: that it tells something about
the student. They will use these over again each year. They are kept in the
art room and they add pages from xerox paper ( they punch the holes in
class). This has really worked out well.
The initial cost of the binder is the only expense and it lasts for years.