Best source code control for a university environment (low overhead to manage repositories)

Does anyone know of a solution (web hosted or otherwise) for a source code control system that would work well in a university environment where information technology is the focus? We'd like to offer it as a campus-wide "version-control service", much like universities do with an email service. Specifically, I'm talking about the following peculiarities:

1. There are a large number of new repositories created/managed each semester. Any programming course or research project could require students to use source code control, in various source code environments (including .NET, Java, C++, LaTeX).
2. Students should be able to create and manage themselves the repositories. Involving an administrator/instructor/etc. is not scalable otherwise.
3. Repository storage should be secure (private), and archivable for respecting intellectual property (preventing plagiarism, protecting research IP).
4. Any or all of the flavors of source code control (e.g., CVS/SVN/GIT) would be acceptable.
5. Remote access to repositories is essential. Student/researchers have freedom to work either in designated lab spaces or remotely. Marking of assignments can be done by instructors who've "checked out" the code anywhere.
6. If an academic license exists, it must scale for >500 students.

Many commercial/free products (web-based or otherwise) don't satisfy conditions #1 and #2, as they require superusers to administer accounts/repositories/accesses. Solutions such as Google Code, sourceforge.net, GitHub, etc. don't satisfy condition #3, as the repositories are always public.

Here's free one: http://gitlabhq.com/ You can add repositories over this tool. For security you use RSA Keys.

And I would suggest to use Git. SVN and CVS are outdated.