Yes. Students may distribute religious materials on the same terms that students may hand out other non-school-sponsored written materials.  Students may distribute non-school-sponsored publications and materials on school grounds before and after school and between classes, as long as the distribution is reasonable in terms of time, place and manner of distribution. [1]  However, schools need to be careful not to create the impression that they are sponsoring or endorsing religion or particular religious views.

[1] Hedges v. Wauconda Community Unit Sch. Dist. No. 118, 9 F.3d 1295 (7th Cir. 1993)(striking down rule that prohibited distribution of religious materials at school by junior high students).