The best thing to do is to take the school name and play upon it. If the school name or the mascot resembles some other word that would be appropriate to a magazine, try to incorporate it into the title of magazine. If, for example, the mascot is a tiger, the magazine could use "tracks" or something similar in the title.
I agree, that it's important to know more about your school before we can suggest a title. You most likely want to make it more personal to your school body than just The Literary Magazine. Look at using your school's mascot in the title, The Bears' Den, etc. Does the same of your school lend itself to a title? One school named Page calls their paper Pages by Page. Or, you can take a literary route- The Grapevine, The Light.
Get your school community involved. If they have more ownership, it might help them contribute more.
It would help if you could tell us the name of your school. Then we might be able to suggest something relevant, perhaps involving a play or words or a pun. Ideally, you want something memorable and distinctive.
Many schools try to incorporate their mascot or the name of their school into the name of their paper.
Another great suggestion, as provided by readerofbooks, is allowing the student body to make suggestions and vote on the top three to five names.
This is not an easy request, because we do not have information on your school or what you want to accomplish through the school paper. In light of this, let me suggest a few ideas that might help.
First, since a school paper can be a little academic, you might want to consider using a Latin or Greek word. This can give it an aura of gravity.
Second, you might want to create a name based on the school's mascot or the school's motto. This will keep with the idea of school spirit.
Third, you might want something generic, by adding your school name with the word "Times, Herald, or Daily."
Finally, you might have a basket of names and have the student body vote or even have them offer their suggestions.