The OP in this case does not want to re-enter the same password repeatedly for each new set of lecture slides. Thus the only option is to add the password as plain text to DefaultPasswords, because saving passwords encrypted to FileStates\DecryptionKey is a per-file process AFAIK.
The note of caution of course is still valid, because while FileStates\DecryptionKey prevents a third party from knowing the original password (assuming of course that it can’t be retrieved by reverse-engineering whatever the source code does), if that third party has access to the settings file then FileStates\DecryptionKey will still facilitate opening the password-protected file for them.
tl;dr: Common sense dictates that passwords not be saved, in plain text or encrypted form, if you don’t want someone else with access to the settings file to be able to view your protected document.