The story has been corrected on the wire and the corrected second and third paragraphs follow:
The new Class Dashboard is a website that brings together content from different Office applications into a single, central location that teachers and students can use to stay on top of what's going on in their classes. The service can pull in notes, assignments, calendars and class materials to provide a digital home for all of the information that students need to know. Teachers will also be able to track progress on assignments and provide students with feedback and grades through the site.
Each class with a Class Dashboard site will also have a OneNote Class Notebook generated for it, so that educators and students can share information about class through Microsoft's note-taking service. It's part of a larger push the company has made with OneNote to make it a useful tool for education users as more schools bring laptops and tablets into the classroom.