Some questions come to mind.
1. College Students want to spend money on beer not on tools, even if it saves them time. What about using a free tool like http://mailchimp.com/ (free upto 2,000 members!) Plus you can email/notify and schedule them, so maybe you just want a better process.
2. Signups - with ipads/kindle fire being so cheap it would seam a simple webpage for signup and pass along to next person. You could just set it up out front and force people to put in Name, Email, Major, Graduation Year - simple and easy.
3. Community - With Meetup.com the value is in the tools, but more that it's one place you can go and get all the news/meetings/invites. What if you took over the "campus" (think facebook style) and got them to use your platform for setting up meetings/email students/etc. Now you have 1 platform and would be easier to go to a big company (linkedin?) saying hey we have all these students on the site and about to graduate - want to market to them?
Just some thoughts. Good Luck!