There are three schools in this area. How will the tower affect the health of the students? How does EMF radiation affect children?

The FCC public limits include a 50-times safety factor intended to ensure a safe environment for all persons, whether young or old, healthy or infirm, large or small, for continuous operation of radio sources.  So long as the exposure levels are in compliance of the FCC limits, there is presumed to be no effect to children and students.   Here is what the latest standard (IEEE 2005) says: 

"[N]o measurable risk is associated with exposure levels less than … this standard." We express the results in percent to show how they compare with the standard; anything less than 100% is, by definition, less than the standard and so has "no measurement risk."