Section 37N. Each school committee shall establish a policy concerning student travel sponsored by a school that is planned to occur between the hours of midnight and 6:00 a.m., or that will include an overnight stay away from a student’s home. The policy shall address, but not be limited to, such issues as safety of transportation and accommodations, cost, including expectations for fundraising by students, time away from school, appropriateness of the trip for the grade level and the trip approval process. In adopting its policy, the school committee shall consider the model policy drafted by the board of education under section 1B of chapter 69.