Do the universities have any say over the advertisers?
What's your competition? Does the school already have something like this? How do you safeguard some information?
Having classified ads is a nice feature, as well as local restaurants and reviews -- particularly those that deliver to college students.
A job posting site as well -- for local businesses as well as work study type jobs.
If there's nothing like it now -- this project could take on a life of it's own.
utting on my project manager hat:
Before presenting it to a university, you need to define, clearly, the initial scope of what you are trying to accomplish, then phase in thru planned upgrades other functionality. Some things are just out of scope, or are just too big at the outset, it's better to start smaller and do it right, then to start huge, and have a lot o things that need to happen.