Informally, "me and my students" sounds better.

好喜欢这张照片。

Habitually "my students and me", which is grammatically wrong, but widely accepted.
"my students and I" by no means is CORRECT! But awkward in saying and not quite preferred by peo
ple.
Another example: "It is me..." is widely in use. It should be "It is I..." 
There are some "wrong" Chinese in our language too, mind you.

都可以，用i正规一些。

我对英文也不懂，是不是应该写：my students and me.