We have a room in the basement but it is dark, cut off from the rest of the house and it gets really cold once fall hits. So we do school in our living/dining room area which is also connected to the kitchen. It is a small 1950's style house but it works for us.
This is our little bookshelf. As you can see it sits next to the TV and our rabbit has a litter box there because she likes to hang out in front of the TV. On this shelf, I keep our completed work binders and our boxes for school supplies. The three-ring punch normally sits out in front.
It would be nice to have a dedicated school room and I could have one but I would want something with a wall of windows, a closet and plenty of wall space. But I am happy with what we have.