You could stay with a push button lock, the type that have 0-9 and XYZ# . They are re-programmable and good as locks.
http://www.google.co.nz/url?sa=t&source=web&cd=4&ved=0CDYQFjAD&url=http%3A%2F%2Fwww.keylessentrylocks.com%2F&rct=j&q=door%20locks%20XYZ%20numerical&ei=gM0_TpKADYXirAfJ18AN&usg=AFQjCNGgwlwISSxjVhHcr5IBHP8zq-5-bQ&cad=rja
For $400.00 you want a power supply, battery backup, digital code-pad, decoder for the pad and then an electric lock. The easiest way to do this would be an alarm system with an output dedicated to lock control. The lock will be the most expensive part if its a good one.
Electric locks link;
http://www.google.co.nz/url?sa=t&source=web&cd=10&ved=0CJIBEBYwCQ&url=http%3A%2F%2Fwww.assaabloy.co.nz%2Fen%2Flocal%2Fnz%2FProductDatabase%2FCommercial-Products%2F%3FgroupId%3D309&rct=j&q=electronic%20locks&ei=KM4_TsXVFY6imQXik8WMCA&usg=AFQjCNFqxo0RS-ZZfcNOOkawk10m-bC-Lw&cad=rja
Electronics shops will sell you R.F.I.D. kits that trigger relay outputs suitable for lock control. If you have a valid radio frequency tag and hold it up to the ID reader the relay operates. The beauty of this sort of reader is that the scanner can be on the inside wall out of sight, unless its metal of course. The down side is someone other than you having the tag.
If its just for the kids from school I'd go with the manual lock. Its a toss up between the rest once you have got all the bits as to which would be cheaper. Remember your time is worth something too.
For the ultimate in cheap perhaps the locking mechanism and controls from a car door??
GL>