As Artificial Intelligence in Education (AIED) increasingly relies on learner data, the stakes surrounding data privacy and accountability intensify. Various stakeholders, including students, educators, parents, and technology providers, have differing interests in educational data, leading to critical questions about data ownership and governance. This paper examines the ethical complexities of data ownership and custodianship in the context of AIED, synthesizing existing literature to outline essential ethical principles for responsible data management. It advocates for the adoption of data commons as a viable solution, proposing an institutional structure that fosters collaboration among stakeholders at multiple levels, thereby ensuring a more equitable approach to data governance. Additionally, a technological framework is discussed, emphasizing the necessary infrastructure, data access controls, and security mechanisms for effective implementation. By addressing these elements, the paper aims to contribute to the development of ethical data practices within AIED, ensuring the protection of learner well-being while promoting educational advancement and innovation. Through this exploration, we highlight the importance of establishing clear guidelines and accountability measures to build trust and foster the needed interdependence among all parties involved in the educational data ecosystem from learners to educators and policy makers.