Yes. Choose "Moderate Comments" on your main Review dashboard and turn on comment moderation. After, you'll see all comments that your students post on other students' stories. You can bulk approve comments, edit them, or delete them--before the recipient ever sees them.
Note: we use a "comment mirror" system. When a commenter makes his or her comment, they "see it" on the comment thread. But only THEY see it. Other members, including the recipient, won't actually see the comment until you approve it. (Yes, we're tricky.)