The question is how is the pi connecting to your network, and is your network appropriately segmented to reduce risk in the event someone can do this exact thing? We are doing penetration testing on our networks to help us keep all of these networks as secure as possible.
Is the student connecting through a USB or Bluetooth connection to your Chromebook, or is it directly connecting to your network?
1. This is likely a clear violation of the AUP/Handbook and should be addressed.
2. Once the means of connectivity is discovered, you can take action to prevent further access.
Without ANY research into this, I'd start looking into Android debugging protocol or sharing internet over USB. Not sure off hand if the Chromebook can share internet through Bluetooth. I wonder if there are new methods now with USB-C that I am unaware of!
If the pi is connecting directly to the network, then you have some other work to do. Were they Able to get the WPA key and how? This used to be done through the network tools in Chrome://, not sure if you are blocking any of those setting pages.
IF this was my building, I would make sure the student understands the weight of the situation, but also recruit them. If the kid is working with/for you, there is an opportunity for growth for the student and a way to further protect your district. This also depends on the personality and intent of the student and would need to be weighed by administration, etc.