Students have the same rights, under U.S. patent law, as anyone.
If a student, graduate or undergraduate, contributes creatively to an invention, then that student is legally an inventor. Student inventors who invent as part of a paid position such as a research associate or whose invention is part of the fulfillment of a graduate degree, are required to assign that invention to the university. In exchange, if MSU accepts assignment of the invention, the university will pay patenting costs and work to license the technology. Students share in revenues in the same manner as full-time researchers. Many more have served in technical capacities on research which ultimately becomes part of a patent.