I tried to do something similar, but more as a mentoring program. I’ve been thinking about trying to do that with my company (having us mentor people outside the company—as a recruiting tool).
One thing I suggest is focus on code reviews for your students. I think that’s the best way to tech programming. They’ve already taken a stab at something, so writing comments on how it can be done better and why that way is better is much more useful than a lecture about something abstract.