I would say that it is better to load the file for every page load. What if you have lots of users, then you would get pretty large sessions.
Even better would be to have translations for each page in a separate file, then you don't need to load more than what is needed on the page.
But best is probably to store it in a database, it will save you from troubles in the future, if you for example have a page that is only partly translated or only some pages are translated.