You can give users the ability to check in/out devices under the Permissions tab. Select the custom policy that you would like to update or copy an existing policy. Next, go to the Asset section. Here, the Assign Owner column needs to be checked for this feature to be available to the users. You have the ability to apply it to all location or individual locations. Scroll to the bottom and click Save.
Important Note: If you need more detailed information about permissions please go here. This article will go over all the permission sections, creating custom policies, copying polices, and additional information.
Also, you can give access to teachers to check in/out student devices based on the SIS data through MyClasses. Under the Administration go to the Site Options tab. Go to the requestor feature section and enable MyClasses Check In and MyClasses Check Out.