Who is supplying the paper? If the teacher is expecting you to print the drafts at home, using your paper, perhaps you can approach her politely and ask her if you could use the school's printer and paper. If enough students did that, it will affect the school budget and then people will re-think using all that paper.
Assuming there is a curriculum-based reason for doing the assignments this way (which is likely, and possibly not just the teacher's whim), cutting into the curriculum by further restricting financial support for education (more than is currently being done) should have one important consequence. It should stop those people who impose these financial restrictions from complaining about how the school system is failing to educate our students. Financial matters are cutting the curricula to the bone as it is. Now people want bone tissue as well? Fine. Don't complain when the students can't stand up (academically).
I always had to buy my own binder paper for class assignments, my own pencils, my own pens and erasers. I had to buy my own protractors and slide rules (this was back in the 50s, 60s and 70s). Education is a partnership, and guess who is an important part of that partnership? The student. I get tired of the attitude that all students are obliged to do is show up to class. They don't have to supply anything for the endeavor--no materials, no effort, or originality, no thinking. They shouldn't have to do anything but just sit there while the teacher tries to find some way of hammering knowledge through their skulls, frequently using materials the teacher has to buy using his/her personal funds (from that whopping salary they get). And when that hammering doesn't happen as well as expected, it's that damn teacher's fault.
Sorry for the partial derail and vent. Just about every school I know of recycles paper products. And if there ever was a good reason to waste part of a tree, it is the education of our children. Let's cut in other areas while concentrating on finding the very best ways to educate our children, even if it costs us a tree per student, and even if that student's parents have to pay for part of that tree. I think it's a good investment. And we can always plant a few trees in exchange.
NOTE: A different interpretation is warranted if the teacher in question doesn't have a good curricular or philosophical reason for requiring multiple hard-copy drafts.