Looks like you have a great answer.
My reply will focus on the user experience side.
Think through and define the top 3-5 things you wish your social media site to accomplish a Dan be laser focused in attaining it.
Good questions include:
Why does anyone care about the site?
What will the user gain from the events showcase or the other students who show up from the similar course?
Could you get professor buy in by having a professor offer extra credit for using the site to setup a group study session, for example.
Hope this helps focus your design and concept.