In California it is more complicated. First there is copyright law -- students and academic personal manual employees own their copyright. The Education code limits how public university students may share notes (a matter of conduct, not copyright). Non-academic personal manual appointments have copyright owned by the university. Students who are not also otherwise employed by the University would own their patents (subject to any details of their non-university employment agreement). Anyone employed by the university (student, academic or staff) get to keep a cut of their patents; but have to share it with the university.

I was pretty sure this policy of students/academics own their own copyright but share in patents was the standard in United States higher education.

Correct--where I said "IP" above, I should really have said "patents/patent rights". Copyright, to my understanding, becomes more of an issue when publishing, as some (most?) journals are greedy in that regard, but I haven't had to cross that bridge yet.

What you're describing sounds pretty similar to the way it works here, but the gross majority of full-time graduate students in engineering are employed by their universities (as "research assistants" or similar) and thus effectively waive their patent rights.

(FWIW, I think it's great for schools to share in patents which originate within them, but I would like to see students and staff be more well-informed on the subject, and commercialisation efforts which span beyond a single industry--I know of very few schools which have accomplished that.)